Last week I wrote that silver was teetering on the edge of breaking down, in a continuing DOWNTREND. https://hive.blog/hive-136819/@handofzara/silver-teetering-on-the-edge
This week, silver is on the verge of breaking the DOWNTREND and starting a new UPTREND.
A DOWNTREND is defined as a series of LOWER LOWS and LOWER HIGHS whereas an UPTREND is defined as a series of HIGHER LOWS and HIGHER HIGHS.
On Monday morning, silver did in fact breakdown, as if the DOWNTREND were continuing, however very quickly BUYERS stepped up and began the recent rally to today's HIGH of $24.16 which did break the previous HIGH of $23.88.
BUT . . .
Just as soon as silver poked its head above the previous HIGH, the sellers showed up in force.
The silver market is at a price level where the past FOUR times, in the past two months, it has been reached, there was a sell off.
Is the FIFTH TIME a charm??????
I have no clue. What I can say is silver is in a tight range, punctuated by extreme volatility in both directions. In short, neither the BULLS nor the BEARS are in charge. This is the sort of market that chops folks up as it turns on a dime.
I know not what other traders may do, as for me it is hands off trading until a clear trend is defined.
source: JM Bullion
The premiums on American Silver Eagles remains steady at $6.50 per ounce.
Brother can you spare a dime??????
Peace Out and Stack On!
We might be seeing silver hitting $25
I have mixed feelings. I want it to stay low so I can load up more at a cheaper price. I want it to go higher so my existing silver is worth more.
On a side note, I don't know how much you like to buy American Silver Eagles, but premiums are actually down on those. JM is overcharging. The dealer I use is only charing $4.61 over spot.
I think it's going to take off soon
It will for sure, break this 25$ zone and move upward after that.
I can live with sideways if now a downtrend. I'm hoping to getting into some cash soon and pick up some overdue stacking.
silver on the rise
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After watching the charts its look like its going to upwards. Maybe 25 plus. We still hope for the best. Thanks for sharing your thoughts experience with us. Have a nice day😍🥰
From here it forms a breakout. If it goes up, it closes the candles. From here, the price will start to go up.