Last week I bought a small amount of Bull Silver certificates because I think the white metal is at a very interesting spot on both the short term (Hourly) and medium term (Daily) charts:
- Short term (Hourly candles)
- Medium term (Daily candles)
If we are indeed in a lackluster bull market, but a bull market nonetheless, then I would expect the price to rebound fairly soon. There looks to be both horizontal and trend line supports around these levels. Furthermore I would think we should be in for at least a decent bounce soon from a timing perspective as well. It’s not often that I bet on short to medium term swings in silver, but when the risk/reward looks favorable in my eyes, I simply can’t resist. This is certainly not trading advice and I am not risking a lot of money.
Lastly, I think the S&P500 and silver divergence looks interesting. They have more or less traded in an exact opposite manner and if the equity markets starts to get a big wobbly after an epic 5-month rally then I could see the precious metals getting some long lost love again…