Early in January I sent out a prediction on gold, if you missed it, I highly recommend you read it here.
What’s important to note is gold is, and has, pretty much always been a leading indicator for other precious metals.
In 2001 when Gold ended its downtrend, we then saw the start of a new bull market. Later, we saw other precious metals turning up after their downtrends, like silver and platinum.
Now, I see huge upside for gold as you read in the previous article. But even more for its twin sister.
Let’s get to it…
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Gold is about to lead this precious metal
When you overlay the two charts between Silver (Blue) and Gold (Pink), you can see that when gold goes up, silver follows. And when gold drops in price, its baby sister goes down as well.
From June 2018 up to November 2018, we saw gold and silver make lower highs and lower lows.
Then came 2019, where the sentiment changed due to this main reason.
Low interest rates mean MORE spending
The Fed announced they will ease the interest rate hikes in 2019. When interest rates drop, investors take their money out of their trust funds, banks and savings and instead, invest in gold, shares and any other attractive investments.
This has already led to price increases in the gold price, shares, crypto currencies, indices and even on the sentiment on the global economies as things are looking up.
Going back to the above chart, we can see when gold leads silver, we can clearly expect upside with silver in the next few weeks which you can profit from.
And looking at the chart, silver is already following suit with the rise in gold. This means, we can expect it to continue moving up.
However, a correlation is not a strong enough reason for me to invest my money yet.
I still need that price action catalyst, which will tell me when to buy silver.
Luckily, I see a chart pattern lining up, showing huge upside to come for silver.
This Cup and Handle pattern tells me silver is set to soar to $17.30
On the daily chart, silver has formed a strong Cup and Handle formation (red line). This is a chart pattern which resembles a cup with a handle.
Just like every cup and handle has a brim, so does the above chart pattern. You can see a brim level (breakout level) at $15.80 (blue line).
The price has broken above this level, which tells us there is more buying (demand) than there are sellers (supply).
And so, we can expect a huge rise in price to my first target at $17.30. The reason, I believe silver will reach this target is because there is a strong ceiling level (resistance), since June 2018. Once it hits this level, I’ll then send another prediction on what to expect from there.
Until then, here’s what you can do.
The Super Rugby is here!
Why not take the opportunity to make some extra cash watching the bocks bring home the gold!
Crack open a beer, turn on the T.V, sit back and watch your money grow.
Two ways to profit from the rise in silver
You can either buy Silver CFDs and hold until it hits the target at $17.30, where you’ll bank a triple digit gain.
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Analyst, Red Hot Storm Trader
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