• 9 hours Another Stock Market Crash Could be Looming
  • 1 day Trump Loses Another Leg Of The WeChat Battle
  • 2 days DOW Plunges Amid WInter COVID-19 Surge Fears
  • 3 days Big Profits Are No Longer The Top Priority For Oil Investors
  • 4 days Banksy’s Littered ‘Monet’ Sells for $10M
  • 6 days Three Renewable Energy IPOs To Watch
  • 7 days Bitcoin Nears $13,000 As PayPal Joins The Crypto Fray
  • 7 days DOJ Declares The Obvious: Google Is A “Monopoly”
  • 9 days Alibaba Is About To Make History Again
  • 10 days Robinhood Users Are Latest Target Of Pandemic Hackers
  • 12 days The Hydrogen Boom Will Provide A $200B Boost To Wind And Solar Energy
  • 13 days Will The 5G Rollout Overshadow This Major Merger?
  • 14 days Corporate Bitcoin Holdings Boost Crypto Confidence
  • 15 days Indonesia Rolls Out Augmented Reality Innovation To Combat COVID
  • 15 days Banks Are Getting Rich On Pandemic Overdrafts
  • 16 days The Real Reason China Is Betting Big On Renewables
  • 16 days Europe Wants To End The Big Tech Monopoly
  • 17 days New Breakthrough Could Transform Rare Earth Mining
  • 17 days Waymo Set To Roll Out Fully Self-Driving Vehicles
  • 19 days Aramco Dividend Won’t Cover Saudi Budget Gap
How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

Joseph Russo

Joseph Russo

Joe Russo is an entrepreneurial publisher and market analyst providing digital online media solutions designed to assist traders and investors in prudently and profitably navigating…

Contact Author

  1. Home
  2. Markets
  3. Other

Silver Bear Still Looms

Silver Bear

Rallying 10% from recent lows silver is nearing resistance

Per our last update, the prospect for some sort of pivotal turn-date occurring near Thanksgiving appears to be setting up as a plausible short-term pivot high rather than a long-term secular low. As I suggested weeks ago, this rally came as no surprise.

True, it is also plausible that the recent print low at $15.04 marked the ever elusive long-term bottom that so many are looking for. Time will tell.

Though impressive, the 10% move up off the $15.04 print low remains suspect. The paper denominated price of silver is fast approaching overhead trendline resistance at the $16.80 level.

This near-term resistance is approaching in concert with neutral readings on the momentum front; both of these technical factors could slow down, stall, or reverse the modest recovery this market has experienced over the past several weeks.

Silver Daily Chart

As such, we could see another leg down developing soon, and a retest of $15.04 or fresh new lows toward the $13.00 target by the end of this year.

As we embark upon another holiday season, for the first time ever, Elliott Wave Technology is offering a once-in-a-lifetime opportunity for you to try our services at a super steep discount. Go to our websites posting of this article here, and then scroll down toward the bottom for details.

Happy Holiday's from Elliott Wave Technology

Until Next Time,
Trade Better / Invest Smarter

 


The Chart Cast Pilot and Elliott Wave Technology's Guardian Revere Long-Term Trend Monitor are the proud sponsors of this communication.

 

Back to homepage

Leave a comment

Leave a comment