Major support for silver…
There is major cloud support for silver at $21 on the weekly chart. The only wrinkle would be if they managed to drive it below that level by Friday close. Starting next week, $21 will be an extremely solid support level.
There is also the rising 50 WMA, currently at $21.63. I have speculated that I thought silver would probably tag that level before it began its next up leg. Whether it tags that level in the next month or two or in 5 or 6 months is anyone’s guess.
Yes, there is a lot of room between those levels and current price, however, I would think that silver’s next intermediate cycle low will be above the last intermediate cycle low around $22 (i.e., it will make a higher low). Just thought I would provide this for some perspective on a “worst case scenario.”
So all we have to do is endure a 20% drop from here? 🙂 Nice bull market.
I am not so sure we see a 20% drop from here. This could play out any which way, including being range bound until the second half of this year. The bottom line is the bull is looking good and you shouldn’t worry about anything as long as you have some time (potentially). If however, you are using leveraged instruments, I don’t know what to say–it could be a tough row to hoe.
When it comes to silver expect the “worst case scenario”
Spoken like a true goldtent silver warrior! 😉
https://goldtadise.com/?p=487822
Three things … my FSG etf replica chart continues to point down for gold/spx. Fresh resell this week.
Re silver, its comparatively stronger than gold, and metals are comparatively stronger than miners. I’m not sure those are a good thing.
Three — my charts are “top down” and the monthlies for silver, while not on a sell yet, could get there without much more of a push. Lets put it this way, they are NOT terribly constructive at this point.
you have had this pegged correctly so far. Walk us through your outlook
lets see whether today is a dead-cat bounce, or we stabilize first.
extremely weak bounce here. Even dead cats get more air that this
norvast has May 17 as a “Day of Interest” circled for the USD to make an Intermediate Cycle High, contingent on Jan 6th being the last ICL and 3-yr. cycle low, which will be confirmed if the USD closes this week above the 10 WMA. If he’s right about the dollar, and I tend to think he is, silver certainly has the time to get down to $21 by then.
Who is norvast?
https://twitter.com/ColinSt30481392