Is it worth investing in silver?
Historically, our chartist has regarded silver with distrust, but it appears something may finally be happening.
Silver (Si)
As we cower in our homes in the UK, a country where anarchy is expected, thanks to Parliament being suspended and the rule of law ignored, our thoughts turn to precious metals and the need to put something aside for a rainy day.
Historically, we've regarded silver with distrust, but it appears something may finally be happening.
If we're reading the numbers correctly, should silver now exceed just $19.80, we should anticipate growth to an initial $20.5.
Whilst we quickly concede this isn't particularly interesting, in the event of the metal managing to actually close a session above 20.5, continued travel to a secondary of $23 calculates as very probable.
Above this point, it gets a little irrational as there's very little to hinder rapid acceleration to $29.
Worth pointing out is an unpleasant facet of silver.
Historically, price movements against the metal were capable of making bitcoin look like a paragon of ethical behaviour.
Visually, we're fairly happy to project $23 as it makes sense.
As for the potential of acceleration to $29, the visuals hint this is possible but we'd warn, if such a journey happens quickly, it's liable to be reversed even faster.
Our distrust for silver movements obviously adds to our bias but, if collecting for a rainy day, it can be easy to get wet and catch a cold!
The price of this metal needs above $35 before we'd abandon scepticism and hope for the future.
Finally, if it now melts below $17, hope for the immediate future vanishes. However, cheaper silver will doubtless fuel the supply of silver bullets, ensuring werewolves and vampires remain a rarity - at least outside UK politics.
Source: Trends and Targets Past performance is not a guide to future performance
Alistair Strang has led high-profile and "top secret" software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know "how it worked" with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.
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