Silver Price Update -Breakout in Progress

by birtanpublished on August 4, 2020

ladies and gentlemen welcome back this is Christopher Aaron it is July 15 2020 this is the I Gold Channel and we are going to focus on the silver market this week once again this is a critical time to be focusing on silver for that reason

I want to make sure you that you hit the red subscribe button and the bell icon to stay notified when these videos come out why is this a critical time because we are seeing the most legitimate breakout attempt for silver of the last

Three and a half years there have been a lot of false starts with this market but this attempt looks radically different from what we've seen over the last three and a half years and I know that there are a lot of people who have been

Calling for silver to go to 50 or $100 per ounce year after year after year you have not heard that from me here I've been waiting until the technical signals align we focus on price action above everything else and so let's take a look

Let's go back to how we used to do this analysis starting with the short-term looking at silver here a bit of a consolidation right for the last three days Monday Tuesday Wednesday we are talking about the spot price so make

Sure you remember that there is a slight difference between the spot price and the futures market price but so a consolidation a grind here right so it looks like nothing significant here over the short-run but remember where all of

This consolidation is occurring now this is occurring above that 1860 level that we were talking about a couple of weeks ago that we needed to see held and if silver can hold here through the remainder of the week that will be a

Second weekly close above 1860 which is what we need to see to show us that silver is trying to break out of this last major downtrend that it has been in for the last three and a half years let's take a look silver is breaking out

Here a silver from 2010 through the present we will bring up the handy big key here so that this can be as clear as possible what am I talking about the final downtrend it's right here in blue the primary trend the almost for a year

Now downtrend from this 2016 peak and where is the breakout attempt happening it's right here in the red call-out so what I want to do is zoom this in because this is a little bit tough to see there's a lot of price action kind

Of scrunched up here in the very end what I want to do is zoom this in the last four years here let's bring it in and so you can see here the primary downtrend that we've been in now look at what is happening first of all I want to

Draw your attention to the upper resistance boundary this is the most important boundary that we're talking about when you're in a trend you need to see the upper resistance boundary broken to signify that that trend is over when

You're talking about a downtrend so first of all look at the blue here and notice we have two blue lines drawn one is a thicker dark blue line going to the key dark solid means more significant than what the dashed lines which is

Right up here which means less significant so why is the dark line more significant because the dark line is a best-fit trend line from the peak here in 2016 best fit through the peaks in 2019 late 2019 and early twenty we r

Drawing a best fit this is the average of the peaks going back for the last four years it is the most important downtrend and this has already been broken you can see that today now where has silver stalled out for the moment it

Is right at the absolute highs downtrend and we have this drawn in a dashed blue color because it is less important there are not as any hits on this line previously there were only two hits from the absolute

Beginning through this hit here back in 2019 not as many hits as the best fit trendline so it's less important and so what I'm trying to say is this breakout the level we needed to see here was this 1860 level the breakout that we're

Talking about was first from this black consolidation here this horizontal resistance going back all the way to 2016 that has already broken out secondly we've already seen silver breaking the best-fit downtrend that has

Already broken out the two most important resistance levels here over the intermediate term have already broken and silver is now challenging the last remnant of any sort of downtrend that could be drawn here I'm telling you

I've studied this type of price action for decades and this last best-fit downtrend in my highest probability we can never say anything with 100% certainty in the markets but in a very highest probability this final week

Dashed downtrend here is not going to hold now that we've seen silver already break the black resistance and the blue primary best fit downtrend and so we're watching a bit a breakout in progress guys if you were you know if you were

Waiting and saying you know I want to wait I want to see I want some proof we are beginning to see the proof here in silver and you probably will not have too much of a window left to get involved after this thing starts moving

The message on this channel is going to be changing once this breakout occurs so let's look at how this should play out I think what is setting up here when we look there's going to be slight resistance here at about the 1975 level

Representing this peak back from 2019 how things should be setting up is like this a bit of a back off here and remember when we're talking about red attention don't take these arrows to mean literal we're giving suggestions

Here based on observable resistance levels there should be a slight slight back off you know this could only be a day or two perhaps a week or two of a back off here before we break this final dashed upper

Resistance downtrend then we come to 1975 this will be a very weak resistance I'm telling you one little reversal like this will not hold silver back and then we should move up to the 2016 peak this should all be happening fairly soon you

Know I'm drawing these arrows out here for attention but I think this is going to happen within the next one to two months I don't think this will really take until the end of the year and so let's zoom that back out get rid of that

So we were talking about here the breakout so how this is going to look on the longer-term scale we're gonna have this move back to the 2016 high this 2016 high will represent something of decent resistance we will back off we

Will come back into the vicinity of the breakout perhaps back to $20 and from there we should see that real first impulsive move in silver up to I'm telling you the next resistance after 21 is $26 per ounce this is going to be a

Quick move when it occurs compared to the grinding that we've seen here for the last four years it's going to be a quick move now pay attention this 26 level and look at what's setting up here why do I think we're gonna go to 26 as

Soon as we break 21 it's because look at the key resistance here going all the way back to 2010 notice all the hits on this black line here black for horizontal resistance it's a solid line it's rather significant it's rather

Heavy support support support support failed this is going to act as resistance again on the way up notice this also corresponds with the 382% Fibonacci retracement of the entire and last but not least we will have a

Measured target equal to the amplitude of the coronavirus panic added on to the breakout point giving us the exact same target so there are three separate levels keying us in here on this $2600 resistance and so this is going to be

The first major place where we look to take profits on some silver related positions because after this target which is going to be significant by the way this is going to be a move that we have not seen here in the last seven

Years so let's not get ahead of ourselves this is the move that's coming up looking forward into 2021 or so when we get to this $2600 level we will be taking some profits off the table on certain positions because we should get

A decent pullback here in the twenty to thirty percent range from this major resistance level perhaps lasting for four to six months perhaps back down to the twenty sixteen peak which should now act as support into that vicinity of

Twenty one perhaps slightly higher in a bullish market the retest will not come all the way down back to the breakout point and then we will have the next impulsive surge for silver higher so once again this is all predicated on

This breakout here of eighteen dollars and sixty cents holding through the remainder of this week and then if we see that it looks strongly like silver and for that matter the rest of the world's markets are going to avoid the

Severe deflationary outcome that remained a possibility it looks like the the Federal Reserve and world central banks have printed enough money to avoid that outcome and that we are going to see the more stagflation airy or

Inflationary type of response that's what silver is suggesting to us if we're trying to translate into english the language of the charts here by breaking a four your downtrend in progress that is the

Message that the silver market is trying to give us at this time I want to give you a little update every once in a while we like to talk about our successes here what have we talked about in the last month on this channel this

Is gold miner X this is a gold miner that I own shares in for full disclaimer our business ownership owns shares in this and some of our subscribers own shares in this company if you go back to the June 18th video just one month ago

We recommended this company right here when it was 10 cents a share what is the price today 21 cents a share in one month that is a 110 percent gain in gold mine or X think about this for a moment think about if you had this if you had

Just doubled your money in one month in one of these gold miners now I don't give away everything for free on this channel some of the guidance some of the analysis and research that we do goes to our premium subscribers and this I

Mentioned this on the video go back to the YouTube video from June 18th it's right there in public I said guys we are getting ready to make an investment in this company if you want to learn what it is make sure you subscribe to our

Premium research service and this has doubled in one month more than doubled more than doubled so just think about it think about what the fee is for our research service it's less than $500 per year and think about if you had invested

$1,000 or $5,000 or $10,000 what you would have made with that in one month you would have paid more over than double the annual subscription no matter which of those figures you were investing think about if that's

Something we had subscribers do when I when I published this here we had several people come on board right when I published that they got onto this deal with us and they just doubled their money in less than one month and if you

Think this company is done it's not I think this company is going to double again from here and then double again from there over the next two to three years there's some major news happening with this company I'm not going to give

The name away once again that is reserved for our premium subscribers but this is the kind of research that goes out I want to tell you guys there is some real power in following these things day in and day out and this is

What we attempt to do in the service called precious metals intelligence we cover gold and silver as we just did yes absolutely we have to make sure that the wind is at our backs and when we look at silver it looks like the wind is picking

Up toward our backs and so this is giving us some signals that the window that we're in here is going to be the time to be buying silver silver miners all sorts of things related to the silver market as well as gold in this

Time now we weren't getting these signals three months ago a year ago two years ago we were not getting these breakout signals so we follow this in this service called precious metals intelligence and if you are considering

Allocating a significant chunk of capital to these markets I highly encourage you to check that out because we are going to have more doubles and triples like you just saw over the months and years ahead if you would like

To work with me one on one if you're not interested let's say in a research service but you want an individual consultation to help with your unique situation please know that I work with investors one on one by voice and by

Email we sit down and we just talk like this it's me and you you're welcome to bring your family you're welcome to bring whoever else is there investing with you and we talk about the markets and we

Come up with a strategy together based on research based on analysis based on clear planning principles so you can reach me on the consultations tab on the website guys there is so much opportunity coming up here the thing

That I'm afraid of I would say is that what happened in 2016 is that we started to see these breakout signals and most people didn't believe it when it was happening and then most people missed that move or they missed most of the

Move in 2016 because they didn't believe that it was happening they didn't believe the technicals that we were looking at and so they ended up waiting and then they chased it into the peaks in May June July of 2016 and then the

Market reversed on them so my fear is that that's what's going to happen again this time that most people are not going to become interested in silver and silver miners until silver is up at that $26 target or approaching it you know

And then unfortunately I'm gonna be telling people what they don't want to hear which is that you just missed this big move and now you gotta wait for you know four months six months 12 months for that pullback to happen because I

Don't like to chase things I like to buy them when they're cheap and then take profits once they move higher so incredible technical action that we're seeing here we need to see silver hold above 1860 spot through the rest of this

Week and then things are looking good let's not take our eyes off these markets though for more than a few days at a time I will see you soon you

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