Below is a 3-pack on Silver. 30+ year monthly, 30+ year daily and a short-term snap shot of SLV.
CLICK ON CHART TO ENLARGE
Silver continues to back and fill at the all-time high monthly closing price line at (1). It did succeed at getting above its 61% fib retracement level in the middle chart. In the short-term daily chart on SLV did not break support/top of the channel.
Game Plan…Own SLV and the ”Power of the Pattern“ continues to suggest relative strength in Silver (SLV) over Gold (GLD). A break below the short-term support line in the daily chart and we will harvest.
Andrew…Thank you. I hoped this would help show both sides of the situation for Silver right now…. The short-term situation in Silver is also based upon events 30-years ago. Silver has not proven a breakout above the monthly closing highs in 1980, yet if is should, patterns would then suggest a very large rally would be in store. Would sure be good for Silver if GLD would break from its sideways channel. If GLD does, suspect Hi YO Silver will be at hand.
Chris, that was a great breakdown of using multiple timeframes and technical tools such as fib and trendlines to confirm your position under multiple periods. Thanks!