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Home » Commodities & Gold » Silver Price $17.5 Is An Important Bullish Breakout Going Into 2020

Silver Price $17.5 Is An Important Bullish Breakout Going Into 2020

Taki T. by Taki T.
December 1, 2019
in Commodities & Gold
silver investing
4.9k
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The price of silver was bullish only for a few months this year. As per silver’s restless characteristics it tends to have wild swings in a short period of time. In our Silver Price Forecast for 2020 and 2021 we said that silver will be periodically bullish, so carefully choosing the ‘buy the dip’ moment is instrumental for success. After a 3 month retracement, with 2 breakdowns which we spotted here at InvestingHaven, we start seeing a potentially bullish development now. If silver goes above $17.50, and stays above it for 3 consecutive days (preferably 5) it will confirm a bullish breakout. This will increase the probability of another test of the $20 level. All this may be happening going into 2020 or in the first weeks/months of 2020.

Three bullish months is what silver had to offer us this year. However, those 3 months brought the price from $14.30 to $19.70, some 40% upside.

Don’t forget, even the historic rallies in the price of silver (e.g., the one in 2010/2011) tended to last up to 6 months. But the entire world keeps on talking about silver’s potential, and it left many investors dreaming with forecasts of $100 silver.

How is this possible?

 The human mind of an investor has the key to success and failure! An investor is subject to bias. If the mind strongly desires to see a price it interprets all data points as a function of that desire.

Yes we fell victim many times of this in the past, and it’s a daily challenge to avoid bias.

All we can tell is that we you hear 2020 forecast like $50 or $100 silver you better run for the hills.

Silver’s daily chart shows a potential breakout scenario. The fact that silver’s recent decline ended right below its median line of the falling channel is great. The third test of resistance of this channel is underway. It might lead to a breakout, it has the potential of it.

The magic number if $17.50.

One thing is clear: by following the silver news you will NOT understand the importance of this price level. As said so many times news is a lagging indicator, only a select number of charts (leading indicators) have the potential to set you up for success and allow you to get into a new bull trend early on (similar to smart investors)!

We don’t try to outsmart the market, we are not going to take positions beforehand. However, all our subscribers in the Investing Opportunities premium service will get a very juicy buy tip with an upside potential of 80% which can be reached in 3 months.

As always we eagerly wait. The combination of eager and patience is one of the success factors for investors. We’ll be very fast in reacting if and when this silver market breaks out.

silver price chart

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Tags: SILVER
Taki T.

Taki T.

Taki is a chart analyst who is passionate about unlocking unique insights out the chart. While the vast majority of analysts remain focused on price analysis, Taki starts with timeline analysis and adds price analysis to this. In doing so, he developed a unique methodology to find opportunities in financial markets, across assets and markets.

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