More comments on the Silver Squeeze – What’s actually happening, who’s driving it, and long term implications
John Rubino joins me to share his thoughts on the current short squeeze in silver. No doubt precious metals investors are happy as this silver short squeeze has popped share prices as well.
The HUI was rejected at fork resistance today and couldn’t even manage to close above its 233 day MA but I bet it will do better tomorrow.
https://stockcharts.com/h-sc/ui?s=%24HUI&p=D&yr=1&mn=11&dy=0&id=p50437802286&a=843319185
Gold managed to close above its 50 day MA today and looks ready to activate a nice little inverse H&S bottom. Let’s see some volume tomorrow…
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=1&mn=5&dy=0&id=p81266961517&a=825179902
SILJ blast-off versus GLD (a decent pullback here looks like a buy to me if one happens):
https://stockcharts.com/h-sc/ui?s=SILJ%3AGLD&p=W&yr=5&mn=6&dy=0&id=p34377547420&a=886565661
The XAU is about to confirm a double bottom versus DIA:
https://stockcharts.com/h-sc/ui?s=%24XAU%3ADIA&p=W&yr=5&mn=5&dy=0&id=p20250808818&a=783499412
Silver flew straight to pivot resistance and a multi-year high today. A pullback here would be a gift to those who need positions.
https://stockcharts.com/h-sc/ui?s=%24SILVER&p=D&yr=0&mn=7&dy=0&id=p51734433580
Silver:Gold daily looks perfect:
https://stockcharts.com/h-sc/ui?s=%24SILVER%3A%24GOLD&p=D&yr=0&mn=11&dy=0&id=p22762535476&a=770101950
Silver looks to me like its having a tuff time getting to $30
It is way outside of its daily Bollinger Bands and even further outside of its more important weekly Bollinger Bands so I wouldn’t worry much about the $30 level. Silver will probably be near $34 before it finds some resistance of any substance.
https://stockcharts.com/h-sc/ui?s=%24SILVER&p=W&yr=3&mn=0&dy=0&id=p65199583616&a=887206682
pardon my ignorance Matthew. I hope you can have patience with me. I’m assuming the Bollinger bands are the 3 blue lines. which ones are the daily and which ones are the weekly.? why is weekly more important than daily?
On the chart just above, the Bollinger Bands are the ones that contain the shaded gray area. They are weekly since it is a weekly chart (each “candlestick”/price bar represents one week). The weekly is more important because weekly signals are good for larger and longer term moves than daily ones. They also occur much less frequently and can add significance to daily chart signals as well as subtract from them. For example, silver and SLV are on daily MACD buy signals and it would be great/bullish if they can secure weekly MACD buy signals this week (at Friday’s close).
Thanks to today’s price-gap-filling plunge, silver is no longer outside of either its daily or weekly Bollinger Bands.
The upper weekly BB is currently 25.23 while price is now 24.87:
https://stockcharts.com/h-sc/ui?s=SLV&p=W&yr=3&mn=0&dy=0&id=p53870965571
thankyou. im going to throughly review your comment. its like putting an ikea furniture together- trying to match the photo to the literature.
This was what I have been posting for sometime and the caution I told doc about..
On January 30, 2021 at 6:25 am,
Glenfidish says:
If you look closely at the chart you will notice what I have been talking about for sometime.
When we topped at $2089.20 this pattern and one another pattern we’re monitored closely. My other pattern phased out and so I continued with this one that his bang on for me. Here it shared with the ker for the ones who enjoy my work. The current formation has the right shoulder filling out, hence why I kept with the back and forth “ back filling” which has nicely come to fruition.
Now I can’t state this enough, but I’m of the strong belief that this recent bounce was nothing more then a trap and that not all but many miners will be pulling back for a lower entry. It really gets difficult this late in the game to make predictions but what has left me uneasy, are some monthly gaps of which I don’t like to see. With that in Mind, I believe gold has put the bottom in but they can and have the power to do so more then the metal itself hit the algos for further down pressure on the miners. If so I would expect this right shoulder to come down to possibly $1817-$1937 ish give or take as they push those miners down. Just have powder ready in any case, we can have one more week down or keep back filling and 3-4 weeks down before the final turn up..
This is my thoughts have a great weekend to all!
Notice the Macd rising nicely..this is what we want to see.
On February 1, 2021 at 5:48 am,
Glenfidish says:
Gold update!
In regards to silver it has had its run and the sentiment has turned quite bullish. Although charts show that it’s eventually imminent that silver will break through $30 and change and start its next wave higher, caution can be used as well for one last take down. There are no guarantees by buying at these lows regardless will reward you in the longer time frame. It does not surprise me one but for silver to be showing strength as we had higher targets last year which came up short yet it had a great run.
I respect to gold which I follow more closely, I’m seeing a rolling formation anytime soon. Would like to see another pull down to the lower level of the right shoulder formation I showed you in my chart for the weekend. That lower level $1817-$1827 and possibly lower within that shoulder, has me thinking the miners will get taken down one more time. Nothing is for certain but just letting y’all know something to think about and to be ready if such case is exercised by the banks. To me it looks caked in. Regardless gold has put in its bottom quite certain.
Glen
Thank s for keeping us posted Glen. Give us the green light once you feel we are heading upward.
Let’s see how the miners react today. As far as the gold metal, it is doing precisely what I wanted!
Glen
Dear Glen. Thanks!
Norrareal1968,
Anytime my friend..Thank you as well.
Now the real strength of the bulls has to show itself. They need to gold that lower level. Even a bit further down if necessary.
$1835 and dropping!
Thanks Glen. I’m fine with one more consolidation in the PM’s ….gives my pots time to run even higher first so I have more ammo for the real move
Hey wolf,
The shares seem to be hanging on however tomorrow is the day I’m looking for a gap down and possibly yes in the miners so everyone just be mindful. Not that it is for sure but there is high probability since my pattern is seeing another down day.
Cheers and thanks wolf
All the best in your pots đź‘Š
Thanks Matthew…I like the word “backtest”. At least for one day. Gives me hope.
Thanks Matt, Glenfidish, Exc and the rest of you who comment and answers ppl comments. You guys are great!
Cheers!
Thanks Michael.
David I’m sure Matt feels the same when I say we are if not super duper close to the turn and takeoff if we have not already. I’m just seeing slightly different trend which would show up on mats resistance lines guaranteed. I sense and feel strong with my pattern that we have another drop coming tomorrow with a possible gap down. It’s all “ possible” but not guaranteed. Just be ready to buy if it comes.
I will say the miners are showing strength and deceptive movement all in a nutshell lol..
Glen
The silver squeeze…The hit on Robenhood….Explained in a song………….
https://www.youtube.com/watch?v=foT1ITubs1A