Silver/USD price Forecast | 16 October, 2020 | Silver downtrend still looks bullish


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
24.11 (25.12)
Trend ↓ (↓) ↓ (↓) ↓ (↑)
% Risk
Weight
77 (78) 53 (55) 55 (50)
PM Distribution
Total allocation 50% (50%)
Ag:45% Au:35% Pt:20%

Silver/USD live price


16 October:: The current weak composition of our tools could develop a finishing move down into 21.15. Anything is possible with higher volatility in metals. Both daily and weekly chart show the possibility of an ABC correction from the the 30 handle high still needing to finish. Idf that happens the above chart is likely to show bullish divergence. Silver remains a critical wealth preservation hold looking to outperform gold in order to catch up with its historic long term higher value ag gold. No Change.

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.


GOLD/SILVER Ratio Price Risk Analysis

(Previous week in brackets)

GOLD/SILVER Ratio LT-M MT-W ST-D
78.43 (76.53)
Trend ↓ (↓) ↑ (↑) ↑ (↓)
% Risk
Weight
13 (12) 31 (29) 40 (45)
PM Distribution
Total allocation 50% (50%)
Ag:45% Au:35% Pt:20%

Gold/Silver Ratio live price


16 October:: The technical picture for the Gold/Silver cross is similar to Silver/USD and possibly making an attempt to finish a second wave correction towards a high 80’s handle. This does not change the longer term picture that typically requires bullish divergence developing with a higher long term risk weight bottom in combination with a much lower ratio. No Change.

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.



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

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