Metals onward and upward
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
If you aren't surprised with silver at $25, you may be in the camp of forward thinkers (or regular readers) asking, "What's next?" (Congrats). In my opinion, bulls have begun illuminating a path to $30.
The daily chart below shows the anticipated breakout. Will silver need to retrace down to $24.50 (or deeper)? It has already retraced to $24.75 this morning from the overnight high of $25.15 spot...
The question is quasi-impossible to answer; in fact, chasing a silver fire is extremely difficult; hence traders need to be experienced and nimble if attempting to do so. However, this is where long-term stackers would (should?) be embracing their vision and strategy to stay the course, ignoring the technical squiggles.
To regular readers, there should be no surprise in the stock market's performance either. Since the fall of 2022 - I have written consistently about this being a cautious stock bull, pointing to 4195 as an important level on S&P futures.
The weekly chart below indicates that momentum likely has farther to go; I suspect a breach of 4195 may occur before weekly momentum tops out. This does not mean I am throwing caution to the wind – rather, I am reiterating my cautiously bullish position.
And finally, here is an update of the monthly logarithmic Bitcoin chart I presented a few weeks ago; In my opinion, it looks absolutely no less bullish.
Thanks and have a great long weekend!