Silver/USD finds early support at 22.85 | 09 October


Silver Price Forecast relative to
Long Term Monthly (LT-M) – Medium Term Weekly (MT-W) – Short Term Daily (ST-D) – and Hourly (not shown) data.

SILVER FORECAST

(Previous week in brackets)

Silver/USD LT-M MT-W ST-D
25.12 (23.69)
Trend ↓ (↓) ↓ (↓) ↑ (↓)
% Risk
Weight
78 (77) 55 (60) 50 (34)
PM Distribution
Total allocation 50% (50%)
Ag:45% Au:35% Pt:20%

Silver/USD live price


09 October:: No long wait for silver to find early support at 22.85 last week, then following dollar weakness with a strong rally closing over 25.00. A fresh close above 27.00 would be very bullish as it would penetrate the consolidation range before the recent sharp drop to 21.65. Possibly having completed an abc correction for a fresh objective above 30. With influence of US presidential elections the short term trend is harder to predict. The medium and long term risk trend are still down in numbers but with bullish composition vis a vis each other. No Change.

02 October:: Silver/USD may not have quite finished its correction from the 30 handle high in August and after a massive 160% rally from the March low. The price is technically hovering in a bottom building price range as all timeframes are ‘down’. That correction bottom should preferable hold around 21.15 or the July 2016 high. For wealth preservationists a further drop can be frustrating temporarily, but should not take the focus away from the bigger picture. The problem with trading this market is that a temporary exit may only be recoverable at a much higher level if something systemic happens that could and proably would immediately lift precious metals. Hence no change.


GOLD/SILVER Ratio Price Risk Analysis

(Previous week in brackets)

GOLD/SILVER Ratio LT-M MT-W ST-D
76.53 (79.81)
Trend ↓ (↓) ↑ (↑) ↓ (↑)
% Risk
Weight
12 (14) 29 (24) 45 (61)
PM Distribution
Total allocation 50% (50%)
Ag:45% Au:35% Pt:20%

Gold/Silver Ratio live price


09 October:: In September 2013 the Gold/Silver ratio broke upwards of the 200 month moving average at around 60.00. That 200SMA is now at 65.70 where the ration could consolidate for a longer period before making a subsequent attempt into very long term equilibrium closer to 35.00. That is clearly the direction we continue to favor from a technical viewpoint. No Change.

02 October:: The Gold/Silver ratio found support in August in Nomansland. Basically it just stopped and without a rapid enough continuation traders will take the opposite side. Our patience to expect a much lower than current equilibrium will rewarded. It takes time for history to repeat itself. It always does. No Change.

25 September:: It is hard to make a price projection short term, especially as our closest Long term projections haven’t been met yet as they tend to do throughout history. The 15% rally last week is indeed larger than expected and hoped for but it should and must not take us off guard. The ratio HAs NOT bottomed yet and everything we see is highly speculative cover in an extremely suspect environment. Fear then overtakes common sense. We stick strongly to our equilibrium targets, hence no change.



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Posted in A - All Financial Blogs | 2020 Forecast, SILVER FORECAST 2020 | EYEFORGOLD.

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