I am frequently ask why Silver over Gold? I have nothing against Gold! The “Power of the Pattern” can help us with relative strength and the Patterns have favored Silver over the yellow metal and metals stocks. See year to date performance below.
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Below is an update of the recent action in Silver…
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The test of support at (2) was good for Silver and the price action remains a positive!
Gary…I have no interest in closing Silver futures or SLV right now. I have no idea of your risk tolerance, yet I would have a stop, yet not too darn tight! We have made good monies of late in this position, yet if Silver musters up enought strength to break the $35 level by a couple of percent, we could see a buying panic!
Hi Chris, Silver futures are almost at $34.90. Will you be closing positions in SLV and waiting for a breakout above $35? Thanks
cjk…Anything is possible. I am of the belief the monthly closing price back in 1980 is very important. It comes in at $35. See the link below. Silver busts through the old monthly closing highs it could really scream to the upside.
https://www.kimblechartingsolutions.com/2011/02/presidents-day-off-not-for-the-world-though/
Does the current picture for SLV suggest a rising wedge meeting long-term resistance for SLV at about $35 given the current trend?