Silver about to rally 10%….(Update)

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The Power of the Pattern reflected on 7/19 in the above chart, that Silvers pattern suggested an upside breakout was close at hand and a rally of 10% could take place on an upside breakout (see post here).

Below is an update on Silver ETF (SLV)

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As mentioned above, SLV has had a rough year plus, falling over 40%.  SLV is breaking above short-term falling resistance line and has rallied 4% since the 7/19 post.   This breakout should be good for it in the short-term as bullish sentiment remains fairly low at this time.

In the medium to longer-term, falling resistance line (2) should remain a tough nut to crack for SLV.

5 Comments

  1. ALL bets are off with silver and gold. When silver and gold is obviously and repeatedly reported as heavily manipulated and firms have even admitted to it how can you keep on trusting technical analysis?

    If other people are also using TA to constantly wealth strip off trusting people committing their savings to it are you not just feeding us to them?

    All of my spare cash goes into silver but there is not a chartist out there I would trust anymore than I would trust JPM with a cent of my savings or metal.

    In a year every ‘expert’ I ever followed relating to the short term metals market was more than 50% wrong over the longer term. That is worse than chance… Isn’t it??

    What I do trust is the Kitco longer term historic charts for gold and silver. It simply says if the price is below the moving average of forever like it is this year, BUY! :)

  2. Hi Ho Silver AWAY !!

  3. Haven’t we seen this movie? Sure, if the dollar takes a quick dip silver will rally, but what about the March scare,,, or was that hope?

  4. Dear chris ,

    just wondering after breaking the resistance its back at the support . whats your view in it ?

  5. In the big picture the patterns suggest Silver heads lower!