Loading ...PM Sector reversal??? GSR final impulse move
Today seems GSR made final impulse move up. In few days it may confirm.
But confirmation must have been given by the reversal of you all know- Miners. Big time.
GSR daily and weekly ran up to extreme RSI similar to inverse silver to gold ratio in 2011 when extreme RSI was clocked. rest is the history. A big turn of silver to gold ratio led to this 9 year bear market.
Both charts included below.
Nice charts. Your chart to the right showing is a similar parabolic move to 93.7 in 2008 looks quite similar to what we are experiencing now.
this could play out for months yet. We may peak in terms of RSI soon, but the GSR may make continue to make higher highs over the next month or so. Also consider that breaching the 105 level could be seen as breaking out of a 35 year range between about 100 and 35. We could be on our way to 170 or 180 in time.
So the key for silver will be breaking back below 100. I imagine we will eventually get a back test of the 100-105 zone, but does anyone realistically expect that zone to be broken any time soon?