It’s quite possible we have topped out in silver. I was expecting $34 to $36 on this run, and we split the difference and hit $35.
On the daily chart (not shown), I would expect the 50 day MA (currently at around $31 and rising) to provide initial support and should continue to do so for months.
Bottom line though is, it could be 5-6 months before last week’s high is taken out. I am not expecting a crash but more of a sideways grind with at least one false start to be likely in which the recent highs are approached but not exceeded. Ultimately, I expect the 200 DMA to be tested (hopefully 4-5 months from now), which should correspond to a test of the 50 week EMA. The 200 day Bollinger bands will finally tighten up over this time.
We will need patience now, and under no circumstance will I personally be adding to my position until we get that test of the 200 dma (again, most likely 4-5 months from today, which will give it time to rise substantially). Hang in there. I believe once this period is over, we will see $50+. I will likely sell some stock at that point (anywhere from 25-50% of my position) with the hope of buying back some of those shares substantially lower. After that peak at $50+, I think we will likely have to wait around 24 months before that $50+ peak is taken out, on our way to $150+ in the final 12 months of this bull.
TLDR: buy every test of the 200 dma and/or 50 week EMA over the next 3 years. And please hold your nerve. This was never going to be easy.
THIS IS NOT INVESTMENT ADVICE. I COULD BE DEAD WRONG. REMEMBER IN A TRUE BULL, SURPRISES COME TO THE UPSIDE! (LOOK WHAT NVDA DID THE WEEK OF MAY 26, 2020–OFF THAT LOW IT MORE THAN DOUBLED IN 3 MONTHS BEFORE RESTING. I CAN’T COMPLETELY RULE THAT OUT. WE WILL KNOW VERY SOON WITH SILVER! MAYBE AS SOON AS TOMORROW. I WOULD NOT WANT TO SEE TODAY’S LOW TAKEN OUT FOR THIS UPSIDE SCENARIO.)