Silver taking a beating
Silver is down this morning over 1%. As you can see below, the price of silver is approaching some important lines of support at $16.19 and $15.63.
The daily RSI is still sitting at 42 while the stochastic looks like it may be ready to turn over and take this price upward for a bit. I expect it to continue down closer to the lower line of support at $15.63.
After seeing a failed 4% rally and a quick smack down to a major support line, silver is looking like it has no positive momentum at all.
If you are looking to make a large purchase, you may want to wait until silver's RSI is below or near 30 for a great deal.
How to take advantage:
For those of you yet to get your silver, we are in the midst of a great buying opportunity. Silver has only gone below $16 twice in the last 2 years.
You're going to need tradingview open (don't worry it's free). Go to the daily chart of silver and watch the RSI. when the RSI gets around 30, it will most likely be a great time to buy. If silver's RSI gets to 30, it will most likely be down below $16 and pretty close to it's support line of $15.63.
You could buy physical silver, or use the ETF SLV which tracks the price of silver. I don't recommend using this because you don't actually own the silver you are paying for.
I buy and sell silver:
If you're looking to buy silver using steem dollars, or you are just looking to buy from a steemit community member, I buy and sell silver dollars. I currently have an add up on peerhub, you can check it out here. I have mostly morgan silver dollars and only one peace dollar in stock. My prices range from $20-30.
If you're looking for a bargain, look no further. I sell my coins for less than any big name coin dealer.
Silver dollars starting at $20
Silver setting up for an explosive move:
Silver has been forming a large wedge pattern. The larger and more drawn out the pattern is, the more explosive the moves are.
There's a caveat here. The wedge can break out in either direction, up or down. While it is in the realm of possibility for the silver price to break down, it is very unlikely.
Silver is already barely covering mining costs for some companies. If the price went too low, miners would go out of business and production would drop.
I'm expecting for the price to move upward out of this pattern.
Thanks for reading!
Disclaimer: I am not a financial advisor. The articles that I write are for educational purposes only. Do your own research and hold yourself accountable for the investments that you choose to make.
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