Hello Friends,
Sharing my technical view on Silver (dollar terms). Dollar terms prices have longer history and share high positive correlation with silver prices across the world.
Historical formations:
From the highs of 1980s till now, price action is clearly forming a massive curve. Interesting observation here is that the first high was recorded during 1980 and almost similar high was recorded during April 2011. Again price is reversing positive and this entire formation is curve family formation (bright possibility of cup & handle formation)
Ichimoku on Monthly chart:
During May 2013, prices fell below the Ichimoku cloud, confirming the bearish trend. Till July 2020, prices remained below the cloud. Massive breakout was seen during July 2020 and since then prices have sustained well above Kumo Cloud, which is confirming the inherent strength.
Since August 2020 till now, prices are constantly taking decisive support on Kijun Sen, confirming mid-term positive trend.
Future cloud is also turning strong, which confirms that rally is likely to remain intact.
Monthly formations (Fibo & price action):
From the lows of 2001 to the highs of 2011, if we plot fibonacci retracement, price just took perfect support at 78.6% zone, consolidated well and bounced from consolidation. Consolidation breakout is also coinciding with 61.8% retracement.
Small sideways consolidation, after massive consolidation breakout, is forming flag. Retesting of breakout, 61.8% and flag bottom are all coinciding, which is offering strong support to the price.
Weekly chart for understanding Levels:
On weekly chart, this is highlighted zone to accumulate silver.
Putting it all together:
Decades of price action and recent few years of price action along with Fibo retracement and ichimoku is suggesting good times ahead for silver.
Kindly note that view shared is on Monthly chart. Don't consider to be like mid term view.
Cheers,
Kunal
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Statutory Disclosure:
Kindly note that this update is only for educational purpose. It is safe to assume that my personal position, my fund's position, and my client's, as well as relative's position, may be open in the counter. Prefer to take the advice of your financial advisor before initiating any position.
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ReplyDeleteDuring May 2013, prices fell below the Ichimoku cloud, confirming the bearish trend. Till July 2020, prices remained below the cloud. Massive breakout was seen during July 2020 and since then prices have sustained well above Kumo Cloud, which is confirming the inherent strength.
Since August 2020 till now, prices are constantly taking decisive support on Kijun Sen, confirming mid-term positive trend.
Future cloud is also turning strong, which confirms that rally is likely to remain intact.