Originally Posted on 4/22/2018 @ 4:03 pm EDT
Re-posted on 4/23/2018 @ 9:53 am EDT
by Steven Warrenfeltz
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Before we get to this Review & Outlook, below are some of the Best Bullion Market-Related News articles that were taken from this guide's home page, over the last week.
Normally, this guide posts a Review and Outlook for the U.S. Dollar, Silver, and Gold.
But, last week Silver was the only one of the three assets that moved out of its identified pattern.
The U.S. Dollar is still trading inside a negative 'Rising Wedge' and Gold is still trading inside a very large and positive Bull Flag, to view these patterns please go to this guide's last blog post: A Large Bull Flag is in Gold's Chart - Update.
So because of these factors, this week's Review and Outlook is only for silver, which you'll find below.
All the charts on this blog are Daily Charts unless noted otherwise.
Last week, the chart and commentary below was posted for silver's outlook.
In the outlook chart below, you can see that nothing much has changed from last week.
Even though the 'Falling Wedge' was confirmed in silver's chart, it could still be drawn, so it was kept in the chart below.
Furthermore, the 'Rising Expanding Wedge' has also been redrawn.
Two weeks ago, silver made a new low under the bottom of the wedge, but it did not close the day below the wedge, which is why the pattern was not confirmed or denied.
I explained as to why I didn't call ' confirmed in the 'Silver Review - Chart' section of last week's blog.
Just so you know, I don't confirm patterns on 'highs and lows' only on when the price has closed above or below an identified pattern's trend-lines is the pattern confirmed or denied on the charts found in this blog.
As for the week ahead, there are too many fundamental variables to consider when trying to determine silver's future.
From the Syrian airstrikes to the continued issues of trade between the United States and China, anything could literally rattle the markets and silver for that matter.
Because silver is an industrial metal, as well as a safe haven asset, it is prone to drop when the stock market drops, much more-so than gold, so I'll be keeping a close watch on the news to see how silver moves this week.
The Syrian airstrikes nor any trade war rumors between the United States and China affected silver's movement last week.
In the chart below, you can see that silver mostly moved up last week (except on Friday) and in doing so it confirmed the re-drawn positive 'Falling Wedge' pattern.
See the outlook below to get an idea of where silver is expected to go in the next week or two.
Silver's has now formed two negative 'Rising Expanding Wedge' patterns in its outlook chart below.
I've dotted the trend-lines of the larger (and older) of the two patterns because it may be denied sometime in the coming days and weeks.
In all honesty, I'd like to see silver deny it and trade higher above its long-term rising trend-line because the higher it trades above it the brighter its future is.
But, whether that pattern is denied or not is up to silver traders, so time will tell whether the larger of the two patterns is confirmed or not.
In the immediate future, silver has formed another, but more narrow negative 'Rising Expanding Wedge' pattern.
The new, more narrow, negative 'Rising Expanding Wedge' pattern is expected to be confirmed sometime in the near future, when that is exactly is unknown, but because there are now two negative wedge patterns in silver's chart, the precious metal is expected to move down sometime in the near future.
Silver's Resistance Levels
Silver's Support Levels
Thank You for Your Time.
Have a Great Week and God Bless,
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