Silver price has indeed trended upwards since last week's update. I took a little nibble to fund my teh O kosong a couple of days ago. Otherwise, I am fully on the ride to the initial targeted price of around $100 as mentioned in last week's article.
I don't have too big a position for AGQ in 🐯 even after adding to the original position prior to this new run. Therefore, I can sleep well knowing that it doesn't affect my daily life too much, if at all. The same probably doesn't apply for my overall precious metals positions, which has increasingly become bigger during these spikes and crashes period.
From both primary and secondary charts perspective, the escalator has started. Hitting $100 in the short to mid term seems right on track. The question is what happens next.
As shared last week, I had indulged myself for the trend to fill itself the past week. This follow up shows that this uptrend is moving nicely as initially "expected". I won't call it a prediction because I am just a trend follower, not a setter. We accept what the market gives, which is a very important part of technical analysis.
To answer what happens next once we hit the primary price target of $100, the charts do provide some information. $100 is a beautiful number, even in the absence of charts scrutinising, I know it would act as a major resistance. I have little interest to know what comes after next. To me, it's important to be pragmatic and realistic. When the number hits, the secondary charts would reveal themselves! I would expect the uptrend to accelerate with increasing volume (which had already been observed). This in turn resulted in further acceleration of price hikes. As and when the target 🎯 price is hit, i will update again in the post if there's sufficient interest.
Adding fuel to fire 🔥 the US Treasury had this week illustrated that it doesn't take much to ignite an already moving uptrend in precious metals group...
P.S.: obviously cryptocurrency has also started their own version of uptrend party, but it is not the same... we can also talk about this if there's interest.
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