RE: $SILVER SETTING UP for a SPECTACULAR RIDE NORTH!
I like silver and gold, just not at these prices. I believe silver could be going lower in the long run. Metals are a fear trade, without fear from the general public, metals could chop in a range longer than most realize. While I believe all western governments are devoid Rule of Law, which could cause sovereign defaults. The US dollar is still the reserve currency. Until that changes the USA with all of it´s faults, could stay solvent longer than we realize.
Rates are at all time lows for the USA, rates will eventually creep up. A strong dollar will not bode well for silver. Even silver as an industrial metal could change with advanced materials such as graphene and stanene, which is supposed to be better than graphene.
https://www.tradingview.com/x/HhsBhmct/
Plus silver has been trading fib resistance to a fib target , which shows strong selling enters the market when it reaches fib resistance. Be it a mythical group of evil banks suppressing the metals market, PPT selling metals. Whatever it is, the fact remains, silver gets sold hard by big money, more money than we can imagine. Why even try to fight them? Metals bulls have been slaughtered repeatedly, since the 2011 highs. Where they still come to slaughter, because buying sentiment is strong.
I clearly remember in the late 90,s and early 2000,s. Nobody was talking about oil and metals were on the verge of experiencing a bull market. Just mentioning a commodities bull market would get strange looks. I do not see that same sentiment. I get strange looks when I say metals could go down more, like into the single digits. What about dollar sentiment, it´s really low. Google dollar crash and you can find pages upon pages of results. I believe we are currently witnessing a bull market correction with the dollar.
https://www.tradingview.com/x/v7iGvc2m/
I believe silver has a chance to retest 13.65, where if that number breaks 12.25 could be it´s next target. However, 13.65 would most likely see a bounce if price trades there again. There is an even bigger setup that has not traded to it´s target yet @ 5.11 which will probably never trade. Who knows? I don´t, because my crystal ball is broken.
Nice charts.