Where's Silver Going?

The Free Bullion Investment Guide's 'Review and Outlook' for the Silver; it covers from 05/18 thru 06/02/2018



Originally Posted on 5/27/2018 @ 4:23 pm EDT

Re-posted on 5/28/2016 @ 2:07 pm 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 few weeks.


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Federal Reserve Nominee Wants To Take Your Cash And Track How You Spend - The Federalist


EU Banks Remain Massive Problem - Advancing Time


AUDIO: Eric Cinnamond On ‘The Rapidly Increasing Inflationary Environment’ - The Felder Report


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2018 - May 27 - Where's Silver Going - Title Graphic




Usually this guide publishes a 'Review and Outlook' for Silver, Gold and the U.S. Dollar, however, last week, silver was the only asset that broke and confirmed its trading pattern.

Now, two technical patterns are in silver's short-term trading charts; please continue to move down this post to see what they are and where silver may be going in its future.

Refer to last week's blog post titled 'Silver and Gold are getting Squeezed' for analysis on the U.S. Dollar and Gold's expected technical trading movements.






Review & Outlook
Layout


The order of the asset analysis below:

  • Silver

Each asset below has three sections.

  1. In the 'review' section, a copy of the previous outlook for that asset is posted.
  2. Next, you'll find a 'review - continued' section where there is a brief review of how accurate the previous outlook was.
  3. Finally, you will find an 'outlook for the week ahead' for each of the assets below.




All the charts on this blog are Daily Charts unless noted otherwise.






SILVER

In Review

In last week's blog post titled: 'Silver and Gold are Getting Squeezed,'  the chart and commentary below were posted for silver's outlook.

In the silver outlook chart below, you can see that it has formed a positive 'Falling Wedge' pattern.

As to when it will be confirmed is anyone's guess, but there are a few things to keep your eye on.

First, as you can see, the 'Long-Term Rising Trend-line' is in the 'Falling Wedge' pattern, if silver falls below that line, it won't be a good sign for silver's future, even if it confirms the 'Falling Wedge pattern.

But, we'll discuss that if it happens, for now, I'm hoping it doesn't.

The other factor to follow is the U.S. dollar's movement because if the dollar continues to rise we can expect silver to continue to move around and get squeezed inside this 'Falling Wedge' pattern.

So, even though the 'Falling Wedge' is a good pattern for silver to be in, there are some 'negatives' it needs to avoid for its future to be bright.

For the week to come, silver looks like it may continue to move sideways, but if market fundamentals turn negative for the dollar it may confirm the positive wedge sooner rather than later, time will tell.


silver price chart

Silver - In Review - continued

In the 'Silver - Review Chart' below, you can see that silver did move mostly sideways last week.

However, silver broke to the upside when market fundamentals turned negative for the dollar after the President announced that the summit with North Korea would be called off, which caused silver to break the positive wedge pattern.


Silver Price Chart

Silver - Outlook

As mentioned in the introduction, silver now has two technical patterns in its short-term trading chart, and as the 'title graphic' implies one is negative, the other is positive.

Silver Outlook Chart #1

The first outlook chart looks a lot like last week's outlook chart.

Even though the 'Falling Wedge' was broken, last week, it can still be drawn, which means that it is still relevant.


Silver Price Chart

Silver Outlook Chart #2

The other pattern that has formed in silver's short-term trading chart is a negative 'Rising Expanding Wedge' pattern.

Continue to the next chart, below, to see the full outlook.


Silver Price Chart


Silver - Outlook

Silver Outlook Chart #3

In Silver's final outlook chart below, both of the technical patterns are shown in the chart.

For the week to come, we are simply at the whim of the Fundamentals in the news.

Yesterday (5/26), we heard that North Korea, South Korea, and U.S. official met to talk about the future of talks and it sounds like that the summit between Kim Jong Un and President Trump may be back on schedule.

05/26/2018: U.S., North Korean officials meet for talks on summit - Reuters

This is good news for the U.S. Dollar, which may be bad for silver.

But, silver isn't only a safe haven, it is also an industrial metal, so it could be a positive or a negative for the precious metal.

There are other variables at play this week to pay attention to for silver's future market.

First, on Thursday (5/31) the U.S. 'Core Inflation' report will be released, and I don't know if you've bought gas or groceries lately but, in case if you haven't, prices are on the rise.

Secondly, the U.S. Jobs Report is expected to be released on Friday (6/01), which depending on whether it is bad or good will give market players an idea as to how the Fed will move at its June Meeting (06/12-13/2018).

So, with all these fundamental variables in play this week, it's very hard to say how silver will move in the week to come.

However, if I were just looking at the chart and had no knowledge of what's going on in the World, it looks like silver will break and confirm the negative 'Rising Expanding Wedge' pattern before it breaks and confirms the positive Falling Wedge pattern again, but time will be the ultimate judge of what happens.

I hope you have a Safe and Happy Memorial Day! SW


silver price chart

Charts provided courtesy of this Guide's Affiliate - TradingView.com





Silver's Price Resistance &
Support Levels


Silver's Resistance Levels

$17.50

$17.00


Silver's Support Levels

$16.10

$16.00







Thank You for Your Time.

Have a Great Week and God Bless,

Steve





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