James Turk BlogJames Turk BlogJames Turk BlogJames Turk Blog
  • Blog
  • About
    • About FGMR
    • James Turk
    • GoldMoney
  • Books
    • The Collapse of the Dollar
    • The Money Bubble
  • Contact
Next Previous

Silver remains very bullish

James Turk 24 August, 2009

August 24, 2009 – Silver dropped into our buying area, but silver did not close below the level needed to trigger my buy recommendation.  I think that we will get one more chance to buy on a dip toward support.

There is an important Comex option expiry on August 26th for silver, and then expiry for silver over-the-counter options will end the following day.  So those days will I believe be a good buying opportunity.

Silver was stopped at resistance at $15, which is the red horizontal line on the above chart.  After several unsuccessful attempts to break through that level, silver fell back into support.

Silver subsequently traded through my $13.80 target, but did not close below that level.  I think we will have one more chance to buy under $13.80 during option expiry this week.

Despite this latest pullback in silver, the above .  Importantly, the “V” pattern remains intact, and like the similar pattern in gold, provides a strong base that will launch silver higher.

Additionally, note how silver’s 200-day moving average has turned and continues to climb higher.  It is a positive development that signals upward momentum in silver is developing.

Also, I would like to re-emphasize an important point made in the last commentary.  There is an ever growing number of trading days under the red horizontal line at $15 than above it from the end of 2007 up to mid-2008.  Consequently, the overhead resistance above $15 is becoming less and less troublesome.

The net result of these observations is that there is considerable upside momentum building in silver.  That buying pressure will start being released when silver eventually climbs above resistance at $15.

The buying pressure building under $15 – as illustrated by the “V” pattern on the above chart – will I expect carry silver to a new multi-decade high over $20.  I expect that it is probable this $20 target will be reached before the end of this year.

In summary, I think there will be one more dip in silver over the next week, or perhaps into early September.  But that will be it.  The correction that began in March 2008 with a record high in gold and multi-decade high in silver is rapidly coming to a close.  It is only days – or perhaps a few weeks – away.  So we need to be re-building our trading positions.

While silver is poised to move higher, we need a little more patience.  To repeat the point made in recent commentaries, we are still basically in the same situation.  Silver is in ‘no-man’s land’, waiting to break-out from its long-term accumulation pattern.

To break out from this ‘no-man’s land’, silver has to hurdle its overhead resistance at $15.  I expect that silver will do so soon – i.e., no later than the end of October.  I remain very bullish on both precious metals.

James Turk

More posts by James Turk

JAMES TURK

james_turk_blog

GOLDMONEY

GoldMoney_Inc

GET GOLDMONEY INSIGHTS

GOLD & SILVER LIVE PRICES

RECENT POSTS

  • 17 April, 2019
    0

    Heading Toward the “Tipping Point”

  • "bankruptcy 1995" revisited
    15 March, 2018
    0

    “Bankruptcy 1995” Revisited

  • 19 February, 2018
    0

    Gold’s Bull Market Enters Phase 2

FEATURED VIDEO

Categories

  • Articles
  • Briefcase
  • Gold
  • Gold News
  • Market Commentaries
  • Silver
  • Trading
  • Uncategorized

TOPICS

bitcoin bonds central banks currencies debt dollar doug casey ecb economy euro fed gold greece hyperinflation inflation markets mining stocks MMGA oil Politics QE recommended silver stock market trading Trump usd us dollar Washington

MONEY BUBBLE

the_money_bubble_james_turk

COLLAPSE OF THE DOLLAR

collapse_of_the_dollar_james_turk

ARCHIVES

  • You may also like

    Silver’s Very Bullish 3-Decade Chart Pattern

    Read now
  • You may also like

    Mid-Year Review

    Read now
  • You may also like

    Gold and Silver Form Promising Bullish Divergences

    Read now
  • You may also like

    Silver is Approaching Stage Two of its Bull Market

    Read now
  • You may also like

    Watch the Gold/Silver Ratio

    Read now

ABOUT

FGMR My objective is to share with you my views on gold, which in recent decades has become one of the world’s most misunderstood asset classes. This low level of knowledge about gold creates a wonderful opportunity and competitive edge to everyone who truly understands gold and money.

RECENT POSTS

  • Heading Toward the “Tipping Point”

    In an article last year entitled “Bankruptcy 1995 Revisited”, I presented a

    17 April, 2019
  • "bankruptcy 1995" revisited

    “Bankruptcy 1995” Revisited

    In 1992 a book entitled “Bankruptcy 1995: The Coming Collapse of America

    15 March, 2018

RECENT TWEETS

  • This week has seen more testing of support in #silver which so far is holding. Plus backwardation today at the lows… https://t.co/w2VpDKARCX

    3 days ago
  • The #silver uptrend is intact. Friday's downdraft broke the 1st trendline (closing prices) & then tested support at… https://t.co/EGIGmJdyLa

    1 week ago

TAGS

bitcoin bonds central banks currencies debt dollar doug casey ecb economy euro fed gold greece hyperinflation inflation markets mining stocks MMGA oil Politics QE recommended silver stock market trading Trump usd us dollar Washington
Copyright © 2001-2016 Free Gold Money Report | All Rights Reserved
  • Briefcase
  • Contact
  • FGMR
  • GoldMoney
  • James Turk
  • The Collapse of the Dollar
James Turk Blog