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Blast Off or Break Down? Key Silver Charts

Cory
November 30, 2018

Chris Kimble, Founder of Kimble Charting Solutions is back and sharing some key charts for silver. A number of charts are lining up to hit the point on depending triangle formations which is typically a bearish sign. However these formations can break to the upside on occasion which is what the silver bulls need to hope for.

Listen in to what Chris has to say and follow along on the charts below.

Click download link to listen on this device: Download Show

Click here to visit Chris’s site for more valuable charting commentary.

Swiss Franc

Silver Monthly

Silver 44-year range

HUI Long Term Uptrend

Discussion
39 Comments
    Nov 30, 2018 30:01 AM

    Silver is getting ‘Spanky’d.

      Nov 30, 2018 30:25 AM

      lol. Are we in for another statistically impossible selloff for the next 3 weeks?

      $silver’s 5 week RSI has not hit overbought levels in 15 months.

      On the daily chart, the full stochastics have not hit overbought in almost 6 months.

      That is insane weakness. If it truly breaks down here is will be absolutely incredible from a TA perspective. Typically, you need some sort of bounce to generate the energy for a large downleg. Not with silver I guess!

    Nov 30, 2018 30:30 AM

    GDX needs to close above 18.92 today or you can pretty much guarantee it it will not rise above that level for the next 6 weeks since it will fall below the ichimoku cloud on the daily chart.

    Nov 30, 2018 30:46 AM

    Poor platinum. It has a triggered H&S top that projects down to $760–basically back to the August low.

    My goodness the metal bears are fearless.

    Nov 30, 2018 30:52 AM

    One thing strongly in platinum’s favor is that it is hitting the lower boarder of it Ichimoku cloud to the penny today (at $800 exactly). It’s a flat bottom as well, so it should in theory provide good support. But it only guarantees a few days respite. Platinum will be vulnerable again by next Wednesday.

    Nov 30, 2018 30:04 AM

    Today is super important for miners. If GDX can hold on, it means the bullish technical picture on the daily chart is still in play. In particular, I think the convergence of the 50 and 100 dmas is a potentially tremendous base building set up. The Ichimoku cloud also indicates the miners should do ok through the rest of December. But GDX needs to hang on today!

    Nov 30, 2018 30:45 AM

    SILVERCREST ( SILV) hasn’t blinked at all after the The near 2% takedown in silver this morning.Looks like they have a SUITOR going forward with SSRM FUNDING THEIR CASH NEEDS FOR THE NEXT FEW YEARS-31MM

    Nov 30, 2018 30:51 AM

    If GDX can hold on today, I don’t think we have seen such a solid technical setup on the daily chart in 7 years or more. I really mean that.

    Assuming she can hold on today, I do think GDX will be trading in a fairly narrow range for the next possible 10 weeks (I do assume it will tag the 50 WMA soon and then come back down to the 20 WMA before taking off for good).

    Nov 30, 2018 30:35 AM

    GDM (the basis for GDX):
    http://schrts.co/w9wa1e

    Nov 30, 2018 30:40 AM

    It would be helpful if GDX could get above 19.75 or so…
    http://schrts.co/1MVfr7

      Nov 30, 2018 30:44 AM

      Bullish big-picture speed line action:
      http://schrts.co/Ps5dX5

      Nov 30, 2018 30:22 AM

      Assuming GDX can hold on today, I am expecting the next pop to get to the 200 dma/50 WMA. I don’t think it will do that prior to the 19th though.

      I don’t think it can sustain itself for very long over the 200 dma though. I think GDX will probably come back down to test the 100dma/20 WMA before launching for good.

        Nov 30, 2018 30:26 AM

        If it can take back the 200 week MA (currently at 20.92), I don’t think it will give it up again for many years.

          Nov 30, 2018 30:34 AM

          I agree. But I expect the first attempt to get rejected, although it is possible that it hangs up there for a few weeks or gets above just far enough to sucker new longs in.

          I think it comes back to test the 20 WMA.

          Nov 30, 2018 30:36 AM

          The 50 and 200 WMAs are basically at the same level currently. I am expecting the FOMC meeting to send GDX to tag both of those MAs before coming back down.

    Nov 30, 2018 30:45 AM

    The Dow has found resistance at the 30 week MA:
    http://schrts.co/qV21BH

    Nov 30, 2018 30:58 AM

    A 25% rise vs gold will give the XAU a huge breakout (sorry, monthly chart):
    http://schrts.co/fXTD7s

    Nov 30, 2018 30:01 AM
    Nov 30, 2018 30:42 AM

    It was a pleasure to listen to Chris……….in fact, I plan on running the tape again. It was also a pleasure to see Matthew and spanky interacting and commenting on each other’s thoughts…………..Keep it up!

    Nov 30, 2018 30:15 PM

    They closed $hui right at the daily Ichimoku cloud border. I mean exactly. GDX closed well above its.

    I’ve seen enough. I think the low is in. I don’t think we are ever going to see sub $18 GDX ever again. I do think after a significant rally to say the 200 dma, price could come right back down to test this area. But that’s it. I am firmly in the grind higher camp. I don’t think the 2016 high will be pierced for good for another 2 years. Note, that doesn’t mean we can’t test that level sooner than that, but I would bet price will back off for a good while.

    Nov 30, 2018 30:33 PM
    Nov 30, 2018 30:20 PM

    Sorry to go off topic, but it was topical news and there were no political blogs today.