This move up has potential to form a major bottom and a higher major low in silver.
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silver has broken out of it's short term downtrend channel, the short term trend is now up.
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Silver in chinese yuan has broken it's upside resistance. What do you think will happen when a couple billion chinese start buying gold and silver to protect themselves from currency depreciation. Hint: this is more important than the USD price!
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USD gold is testing it's upper long term trend channel line on the weekly chart. We could see a pullback from here. The ultimate breakout point in USD term imo is 1370.
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The GSR has just tested it's high price prom 2008 rally. (not the all time high which is 100) If GSR closes a weekly bar above this price then silver will get cheaper yet, probably up to 100 oz silver for one ounce gold. Anyway historically this is almost as cheap as it gets so the odds favor investing in silver at this point.
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The 1H view of the GSR shows a rounding top right above support which we have just broken to the downside below support. Indicates to me that this is an optimal time to buy silver unless this resistance gets broken upside again.
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sorry my mistake that was GOLD in chinese yuan not silver... silver is still way below the high set in 2016. Regarless, the fact that gold is breaking out is a big deal!
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Gold in AUD new record closing high! So we have the australians buying gold, and the chinese on the breakout, and about 40 other currencies worldwide making new all time highs! If you are just following the USD gold price you are missing the big picture!
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what can i say... I TOLD YOU SO !.... lol !
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the bull market is on... i cant believe how many "experienced" traders saying to sell or short gold! are they on drugs??? this is the biggest move in history and they are selling it??? ive already unsubscribed from any clowns selling gold right now. they dont know what TF they are doing.