SD Outlook: The last two Novembers show the cartel has not been kind to the metals over the holidays, but now the tide has turned…
In November of 2015 when silver was bottoming, we all had to endure 15 consecutive days of pure disgust:
2016 was not quite as bad, but not any easier:
Which brings us to November 2017:
Notice the theme here.
Silver bottomed in 2015. In 2016, silver began (or resumed) its bull market. This is further supported by the huge moves on the 2016 chart above. This is because, generally speaking, in bull markets, the biggest moves are to the downside, and in bear markets, the biggest moves are to the upside.
And what do we see in 2017? A very slow and painful grind to the upside full of emotional hope and hopelessness all wrapped into eleven months.
So far, we have been spared the massive drop in price this November. This is not to say it’s not coming. We don’t know if it is or not, but we do now this:
The cartel absolutely loves to smash price during the holidays. Most people who are working on Wednesday are ineffective in their jobs as they have one thing in mind, the markets are closed on Thursday for Thanksgiving, and on Black Friday, again, work is about the last thing on most people’s mind.
And so for silverbugs it can be painful to watch, because the cartel has been successful in strong-arming the market during the holiday week.
If somehow we can manage a close above $17.45 on the daily in the chart above, then silver will have managed to take a big step forward in resuming the uptrend. Not shown with an arrow because we’d all rather have some hope, but a close below $16.71 and it most likely will, yet again, be a painful close to 2017.
At $17.20 we have a ray of hope because the price action has been positive to the upside and we are above both the 50-day and the 200-day.
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