Silver daily MACD…
finally getting a definitive positive cross. My confidence that the March 10 low won’t be breached is high now. That being said, as always, there could be some sideways consolidation at any point.
My target this year for silver is $70. Keep in mind it may only hit that level for a day before crashing. Is that an optimistic target? Of course it is. But I am basing it on wheat and palladium from years past, which had very similar multiyear setups. Both had nearly identical runs in terms of magnitude before a major correction took place (both went up about 2.3X from their weekly lows).
I will be surprised if silver exceeds the February high of 34.24 because that is what it must do in order to be ready to break out higher. Chances are pretty good silver deflates again along with gold. I would be a seller of both metals at this stage if I owned any.
I have fresh weekly buy signals here for gold and silver, but tepid so far.
Miners flipped to buys a week ago, but they are still below last month’s highs.
It may be that these signals are real, but are being tied down by Palestinian Schumer until he caves under “staged” pressure to avoid political backfire. Another $1T in fresh new debt lies in wait.