1 month ago, in our last blogpost after a long hiatus, we mentioned that "silver looks yummy" and that we finally took a position in silver.
We also took a stab and do something crazy and drew in where we thought silver would go. Of course, this is just a probabilistic set up and we could have been off; it it sure feels good when it looks close to it. We based this based on our views on TA, statistics and macro-economics. https://www.quantzombie.com/single-post/2019/06/20/SIlver-trade-now-is-good-reward-to-risk-oversold-and-cheap-that-could-lead-to-a-bottom
This were our projections on 19 July 2019.
Here are the prices today.
We thought that July was an intermediate bottom, and that we would get at least 2 moves upwards. The first move up has occurred, and we think after a consolidation, a second move is likely. Whether you get a third move up depends on the situation and headlines after the second move up.
As long as no extraordinary macro-economic situation occurs (FED rates, China war escalates, the continuation to $17 is likely.
Although I suspect prices will go higher than $17, we will reserve comment until later.
Till next time, everyone stay safe,
The QuantZombie team.
PS: I am still long silver.
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