Sunday, November 27, 2022 3:25 PM EDT
The silver price chart is about to complete a wildly bullish reversal structure. The timing of this is perfect: rates seems to be peaking and the US dollar appears to be topping. This implies a lack of a market crash, and amazing fundamentals for gold and silver.
Although rates and the US dollar, which are leading indicators of silver, may try to move slightly higher one last time, we do expect the really explosive intermarket effect to start kicking in as we head into the first quarter of 2023. Our silver price forecast might be conservative, at least that is what we are thinking when we check out the daily silver price chart.
We can be short, very short, when it comes to the silver price chart. The daily chart looks absolutely powerful and bullish.
The structure that is being created over the last six months is almost complete. It is a very strong bullish reversal. It started around June 20, with a breakdown around $20.50. The subsequent structure is very powerful.
The 18–22 area is a bullish pattern, but it becomes even more bullish when considering the context: a two-year+ consolidation. Both combined create the ultimate chart confirmation that silver is close to starting a strongly bullish trend, the one we have been writing about since last year.
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