Sunday, May 22, 2022 1:15 PM EDT
The long-term bullish reversal is still in play on the silver chart, although it has been thoroughly tested. The silver price chart has a double-W reversal that can be seen over nearly two years. As long as current levels hold, this could -- and should -- be a price point from which an accelerated move higher may start. Yes, our silver price forecast is still in play.
There have been five tests of key support in some nine months or so. That’s what silver is going through now. There is no confirmed breakdown. The silver chart is now turning into a really special, fascinating one. There are quite some deep insights we can get out of the silver chart:
- The cycles are there, clearly visible and consistent.
- The current cycle started with a very strong move to the top of the range, some two weeks after the cycle started. Some two weeks before the end of the cycle, silver moved to the bottom of the range. We can reasonably expect silver to move towards $23 by the end of this month (also cycle).
- The green arrows are crucial, absolutely crucial. They coincide with very bullish signals in one of silver’s leading indicator (the futures market positioning).
Although not visible on the chart, we can say that silver’s leading indicator (the futures market positioning) is the most bullish it has been in many years. In fact, it’s as bullish as when the seven-year bear market came to an end, right before the summer of 2019.
Moreover, other leading indicators of silver (the US dollar and 10-year Treasury yields) seem to be topping. Once confirmed, we are sure that silver will fly. Yes, it currently looks shaky on the silver chart, as it is at a fly or die level. But leading indicators favor the silver price to start flying in the not too distant future.
In our Trade Alerts weekend analysis, we shared more detail about markets, as well as silver. It ...
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In our Trade Alerts weekend analysis, we shared more detail about markets, as well as silver. It is really worth your time.
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