Tag: Silver Chart Analysis

Gold And Silver: Just K.I.S.S!

Posted on by Aibek Burabayev

Aibek Burabayev - INO.com Contributor - Metals


Old friends and new guests, thank you very much for the comments and discussions regarding my post last week. One thing was clear… you prefer classic trend line charts! I will try to keep it short and simple from now and on. I will keep Elliott Wave for more liquid and crowd trending markets, like stocks and indices, where they work better.

Gold


Chart courtesy of Tradingview.com

Last week Gold was very tricky compared to the other Dollar rivals. For example, the Euro and Crude oil are creeping up, while Gold did the opposite and squeezed out buyers. Yesterday, sellers couldn't escape either and got stopped out.

The price touched the downside for the second time and Gold shaped the Descending Triangle pattern which is highlighted in red. A breakout happened today above $1200. It means that we will watch the continuation of an uptrend (highlighted in blue). The target is calculated as a sum of the breakout and the height of the Triangle, which is located at $1246 area. Continue reading "Gold And Silver: Just K.I.S.S!" →

Silver Price Could be Headed to $12

Posted on by The INO.com Team

Written by: Octafinance.com

Even though we are long-term bullish on gold and silver we are negative medium-term. The Silver chart shows a technical setup with a possible target of a $12 per ounce.

Long-Term Silver Price Chart Still Positive

There is so much to see on the silver chart that we feel obligated to share our interpretations for the future price movement. We will start with the big picture. The whole move of 180%+ from $18 to $50 between 2010 and 2011 had only a minor correction. When the price crossed the upper channel of the long-term chart going back to 2002, it alerted us that silver is out of sync with normal markets.

Source: Rightedgesystems + Octafinance Interpretations

Of course as with any parabolic movement, the trend was not sustainable. Silver couldn’t break $50 per ounce barrier and sellers' came. The CME also increased the margins which forced all longs to cover (sell), as the sentiment was more than positive “98% of all traders were bullish silver” according to the Daily Sentiment Index (DSI). What happened after that is obvious from the chart, silver experienced a few technical setups that all broke down, reverting the parabolic movement to the upside down. Now based on the long-term support line formed during the last 13 years, we have a support around $11-$12 per ounce. Continue reading "Silver Price Could be Headed to $12" →