Since my last silver post price has declined but not below what I called rock solid support. I still think this is the bottom in silver, being aware that the timescale is large a little patience is required though.
Heres an update to the silver chart using comex data going back to 2009-ish with 1 week candles, basically showing how not much has changed since my last post despite slight drop in price.
Silver looks to be forming a triple bottom, a sign of trend reversal and resumption of the next leg of its secular bull run. When it finally busts through that red line of resistance that will be a very clear bullish signal.
Incidentally, I think the context is already bullish when looking at the fainter dotted trendlines which have already been broken out from a couple of times. There is another parallel dotted trendline influencing price downwards just now which I’m expecting will also be broken.
While on precious metals heres how Gold is looking on similar timescale with 1 week candles.
Unlike silver, Gold already seems to be in an uptrending channel. We are on a trendline which should provide support from here. By look of it gold could quite easily head up towards $1400 in near future if this channel holds.
I know this is primarily a bitcoin blog and personally I’m expecting bitcoin is more likely to show bigger gains, quicker than silver or gold as it has been doing since it was conceived, but I believe all three will perform extremely well as real assets when the next crisis hits. Theres certainly no harm in a bit of diversification.