Silver Weekly Chart Bearish Review

As we can see on this silver weekly chart, for the last few years the basic trend has been down while gold’s trend was pointing up. Just because gold has been going up does not mean that gold is in a bull market.

Since the April 2011 peak silver has had many powerful rallies that “All” turned into bear market rallies by retracing the previous bullish move and then proceeding lower.  Silver is only about $1.40 away from a complete retracement of its 2018 bottom which would make it an 8-year bear market still in progress.  All the gold hype is brainwashing us while silver is being ignored on the most part.

Another strong dip below $13.56 would confirm that the big silver bear (Polar Bear) is alive and well.  The silver bear is already 8 years old and it will be important to watch for the next year or so.

The 2011 peak is a 31-year peak counting from 1980. The difference between the 1980 peak and the 2011 peak can hardly be measured. Both were solar cycle peaks, while solar cycle 24 had a secondary peak in 2014.

The solar cycle is what drives the business cycles on earth and silver could remain bearish until solar cycle 24 has ended. This might take until the fall of 2020 to play out.

The commercials added long and short positions, last week, which only changes the open interest as they are still net short.

When I have the moving averages turned on, we already had the Death Cross on the weekly and monthly charts, but not on the daily chart. This just supports any bearish outlook I might have at this stage of the game.

 

 

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