It is truly an amazing time for gold and silver, as well as precious metals miners. The whole space is going from one false breakout to the next false breakdown.
When it comes to silver miners we spotted an awesome chart setup two weeks ago. We said it was a matter of weeks until the silver miners would resolve itself in a strong bullish or bearish trend. We still believe so as evidenced by the silver miners chart included below.
Right now, silver miners arrived at their longer term support line after having tested their resistance (breakout) for approx. 6 times this year.
Similarly, the silver price chart pattern is testing resistance almost continuously this year. We identified a couple of weeks ago the 7th breakout attempt on the silver price chart.
Not often do we see so much energy building up in a chart as the ones in silver, silver miners and gold in 2017.
Again, it is a matter of weeks until this resolves to the upside or downside. Investors better take a wait-and-see stance until there is a confirmed breakout or breakdown.
We still believe that our MarketWatch featured silver price prediction will come true because of bearish silver price seasonality dynamics, at least for the coming months. Hence, we stick to our Silver Price Forecast For 2017, until proven otherwise.
As said before, if silver would correct, starting this summer, it would probably set up for an amazing buying opportunity towards the end of this year. We are not there yet, maybe we will be proven to be wrong, but that is a likely scenario to take into account.
