Loading ...I mentioned this possibility for silver last month…
Yes, my timing was off by a few weeks. As a reminder, Plunger referred to my original post as “doom porn.” 😉 (My original post is linked below.)
I think silver’s 14 day RSI will hit oversold imminently (within 1-3 days) and that should mark the best buying opportunity for silver for the next few years. Off of this low, I am cautiously optimistic that we will hit $60+ in silver within 12 months.
Thereafter I think silver consolidates above $50 for 1.5-2 years before the final blowoff that I am cautiously optimistic will take us to $150+ (over the course of about 12 months).
Really, the key for me in deciding on an ultimate target will be what silver will do off of this upcoming low over the next 12 months. If silver is only able to test $50 and not exceed it by a substantial margin within the next 12 months, I think I will have to lower my ultimate price target, perhaps to $100.
This is not investment advice. Do your own due diligence.
silver could drop very sharply in the next couple of weeks….
I don’t like relying on daily metrics, but my weeklies support your (near term) optimism here also.
I have a 5th major OS condition now, spanning an 18 mo look back. The other four did well at marking turns.
BUT … my weekly RSI is only in midzone, from which failures OFTEN occur.
So … have to think a low forms soon. But lower lows remain possible down the road until we bottom at higher time frames also.
Early 2020 covid low came at mo RSI9 of 35.
Autumn 22 low came at 30.
Currently at 59.
GL & NTA.
Thanks for the comment. I am curious to know what your system would have said about palladium and TSLA during their huge backtests (see my original post to see the relevant time frames and charts).
I chart very few individual shares, like TSLA.
System is primarily 250 etfs, plus a few other bellwethers (FCX, FNV etc).
As for PALL, my retained data only goes back 8 years to keep the computing load manageable. The data are resident on my system, not in the cloud.