Near term expectation for silver…
Take this with a grain of salt, since a price *and* time prediction is literally just gambling.
That caveat aside, based on other bull analogs, I am expecting silver to get to $37-42 before year end, and possibly very quickly (within 8 weeks). I am expecting a “high consolidation” for 5-6 months after that, but perhaps $32 is re-tested before the move to 50+ starts sometime in very early 2025.
I am cautiously optimistic (I don’t want to say hopeful) that the bull run palladium made between 1996 and 2001 (in which it went up about 10x), will be replicated by silver, at least the general “beats”. This isn’t too complicated–relatively quick legs higher followed by longer consolidations/corrections before the next leg higher begins. The hardest part about staying on a bull is in the initial phase, on the re-test, which I believe we have just gotten through in silver.
The biggest questions are how long and how high. If the bull only lasts 2 years, I highly doubt we are getting to $200 silver. That kind of a number will only be possible if we get a more gradual rise (if you want to call a 10x rise over 4 years gradual!).
EWers are ‘debating’ whether the low is in .. maybe, need confirmation.
My stuff still says no deal.
TWT.
Well we don’t even have a swing low yet on the daily chart, at least for silver. so until then, my scenario is indeed even more speculative.
I believe there was a swing low in the spot price – pre market open. Does that count?
Silver is having its best day in 2 1/2 weeks. So far.
I’m looking at the $silver chart, which is updated at the end of the day. The question is, did we make a low below Monday’s low last night? If yes, then we will have a swing low on the daily chart if we take out today’s high tomorrow.
The silver price action tells me there is a good chance we just saw the bottom in silver. Price action today was a engulfing candle to the upside signaling a completed back test of the 2024 break out Sentiment is quite bearish as fear is the dominant emotion….
https://www.tradingview.com/x/xJm0NHUt/
I posted a chart over a month ago predicting a retest of the breakout precisely as you show. IIRC you referred to my chart and post as “doom porn.” 🙂