SILVER - Monthly Chart, Awaiting Breakout
Silver has been consolidating in this triangle formation for quite some time now. Is it looking for a catalyst to change that? With global markets fearing a correction, history shows us that society reverts to the tangible world as a safe haven. According to the LBMA Precious Metal Forecast, top analyst predict that silver will be the strongest performer of the year, with an average of $17.81 and a high of $23.
"Silver is forecast to be the best performing of
the four metals. The most bullish forecast is for
an average price of $20 and the most bearish
$16. But the overall view is that the silver price
will end up between the two extremes at $17.81,
representing a 4% increase on the average price
in the first half of January"
lbma.org.uk/downloads/Forecast-2018.pdf
Trade will be activated once a break out of the wedge has close on the monthly time frame.
My target is depicted below the first schiff fork channel and just above the 236% fibonacci, at $23.
Updates will be given below.
"Silver is forecast to be the best performing of
the four metals. The most bullish forecast is for
an average price of $20 and the most bearish
$16. But the overall view is that the silver price
will end up between the two extremes at $17.81,
representing a 4% increase on the average price
in the first half of January"
lbma.org.uk/downloads/Forecast-2018.pdf
Trade will be activated once a break out of the wedge has close on the monthly time frame.
My target is depicted below the first schiff fork channel and just above the 236% fibonacci, at $23.
Updates will be given below.
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