Kevin Wadsworth: Forget Gold, Buy Silver (Video)
Kevin Wadsworth: Forget Gold, Buy Silver Video by Palisade Radio
Tom welcomes back market weather forecaster and technical analyst wizard Kevin Wadsworth.
Kevin discusses the technical patterns and how they usually tell you where things are heading. Sometimes the evidence is very clear, and other times it’s quite mixed. He recommends gathering all the technical evidence and look closely for the support and resistance lines. Eventually, the price will test and overcome those levels. He discusses momentum indicators, various natural cycles, and the signals they provide.
He outlines what he expects will happen in bitcoin over the coming months. Gold is showing resistance, and a test of the $1800 level seems possible. Silver has been going sideways recently and has support at three price levels and shows an expanding wedge pattern. A $21 level test remains a possibility, but $50 to $60 seems entirely plausible next year. Silver has been performing better than gold recently, and the gold-silver ratio appears to be reaching a decision point.
The dollar index is pushing back up, but a clear trading pattern has shown the potential for either a new downward trend or a breakout to the upside. It appears we are in a bear market in the dollar, and it seems likely that we will bounce off the trend and head lower.
Kevin reviews the charts for Hecla Mining and Energy Fuels. Both are showing bullish signs with similar patterns appearing across many of the miners. Lastly, he discusses the chart for copper, the chart patterns, and why he is bullish.
Time Stamp References:
0:40 – Technicals and probabilities.
6:10 – Gold Chart and Momentum.
10:00 – Gold support levels.
12:00 – Silver chart analysis.
14:55 – Cycles in the markets.
17:40 – Dollar chart thoughts.
21:10 – Gold-Silver ratio decision point.
24:50 – Hecla mining chart.
27:35 – Energy fuels/uranium.
30:30 – Copper and commodities