Silver miners looking bullish
This monthly chart of the Golbal X Silver Miners looks bullish. After a decade of pullback and consolidations, silver miners seem ready to rise.
We like the recent increase in volume and the bullish structure on the MACD.
A break above $39 would exit the downtrend line linking the tops and would confirm the exit of this long wedge.
Next resistances at 53then $94.
A break below $22.50 would invalidate this view.
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In the context of gold and copper making new all time highs , the devaluation of currencies by countries around the world, starting with the US, and the increasing needs of silver for industrial production of alternative energies solutions, we think that silver and silver miners are due for a catch-up.
We like the recent increase in volume and the bullish structure on the MACD.
A break above $39 would exit the downtrend line linking the tops and would confirm the exit of this long wedge.
Next resistances at 53then $94.
A break below $22.50 would invalidate this view.
--------------
In the context of gold and copper making new all time highs , the devaluation of currencies by countries around the world, starting with the US, and the increasing needs of silver for industrial production of alternative energies solutions, we think that silver and silver miners are due for a catch-up.
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