Silver gives us another chance to accumulate and buy
Our recent silver analysis could not have been more accurate. Please take a minute to read it before you continue reading the rest of this post if you have not already done so. The Silver price breakout, to near $17.20, last week was incredible. It established a new Fibonacci price trend, established a downward channel price breakout, coincided with a Pennant/Flag price formation breakout and the wave count of this Pennant Flag breakout was perfect.
Our research indicated that after this $17.20 price breakout happened last week, any retracement below $16.75 while price held above support near $16.00 would constitute a “BUY ZONE” where traders could begin accumulating physical metal or equity shares. The move lower today in Silver, which is related to the US Dollar and Bond yields move today, may be an absolute gift for metals traders. We mean this could be a “fire sale” type of gift if prices continue to stagnate below $16.50 for a few days.
As much as I would like to tell you that Silver is rocketing higher as we predicted, we have to learn to play these price rotations to our advantage – especially when the markets are handing you opportunities like this. Again, $16.00 is our support level currently. Anything below $16.75 and above $16.00 is our BUY ZONE. We are waiting to see how the market this week before we make a decision on accumulation, but this looks like an excellent opportunity to consider adding to our existing positions/physical holdings if one has the opportunity. Remember, the upside potential of this move could be as much as 25~70%.
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