Silver to $9.60 to $11.00

١٤ مارس ٢٠٢٠

Silvers sell off today too me by surprise which is saying something given how bearish I am on it. But we have this classic chart, where the long term trend line flipped from support to resistance. This happened at the second touch of what appears to be an descending triangle and given the state of the market I think it is very possible that we don't spend too much time at support on the way down. I hope to see a quick move to the first target of 11.00 and then to see a lot of people surprised when the price breaches 10.

Here is the same version of the chart on the Log scale. Basically says the same thing but here you can see the wedge that I think will eventually take silver form sub 9 in 2023 to around $35 in 2030 or 2033-ish.

١٦ مارس ٢٠٢٠

ملاحظة

There is still chance for a pull back and for this to test previous resistance as support but I am not sure that will happen under these market conditions. The chance of this wedge support being like tissue is getting higher and higher.