Silver Price Forecast 2019/2018: Silver Looks Poised To Move Soon
A key difference between silver and gold prices is the fact that silver already bottomed in 1993, whereas gold bottomed only in 1999.
This means that from 1993 to 1999 silver was actually in an uptrend, while gold was still caught in a downtrend. This little known fact might not have been so important to date; however, it might become more important as this bull market progresses.
I have put together a silver chart that touches on this issue, since it would not be possible to do this for gold, because gold has technically had only one phase, whereas silver has had two:
On the chart, the first phase of the silver bull market was from 1993 to the end of 2001, and the second phase is potentially from 2001 to the end of 2015.
It appears that there is a similarity between the two phases. I have drawn some lines, and marked some patterns to show how they could be similar.
The first phase is marked 1 to 3, in black, and the second 1 to 3, in blue. Both of the phases appear to occur within in a broadening channel, from which they both broke down, before point 3.
From point 3 there was a consolidation that ended at a new point 1. The first phase managed to get back inside the broadening channel. If the current pattern follows, then we could have a sizable rally soon.
Price appears to be at the start of a new point 1, and a confirmation would come when price breaks out of the triangle (consolidation) – provided that price do not break down from the triangle instead.