Firstly I am not overall a gold/silver bear. I am very bullish in the medium term, but we have had a huge run up from the 14$ and we need to retest some areas before another leg up.
I update my previous idea however silver has just been mostly sideways for the past few weeks. What has changed is that the negative divergence continues to build and we are still in the very oversold area on the daily. MACD pointing down and below zero line. it is only a matter of time until bears take control of silver. My expectation is for 61.8 at the $16.5 level where the 200daily MA sits too (yellow box) - I will check the reaction there. I have posted several miner charts which all are weak. normally the miners sell off before the physical metal does and shoot up before a price increases on the physical metal.
I update my previous idea however silver has just been mostly sideways for the past few weeks. What has changed is that the negative divergence continues to build and we are still in the very oversold area on the daily. MACD pointing down and below zero line. it is only a matter of time until bears take control of silver. My expectation is for 61.8 at the $16.5 level where the 200daily MA sits too (yellow box) - I will check the reaction there. I have posted several miner charts which all are weak. normally the miners sell off before the physical metal does and shoot up before a price increases on the physical metal.
