Silver Buying Opportunity
I have added to my silver long position this morning.
1. At falling support, in a bullish declining wedge, with oversold RSI, and positive RSI divergence:
2. Commercial positions (the 'smart' money) at an extreme, higher than in 2008:
Source: E C Degroot
3. Silver sentiment at bearish extreme:
Source: Sentimentrader
4. US Dollar sentiment at opposite extreme:
Source: Sentimentrader
5. Real interest rates still negative and no current prospect of reversing, supportive of flow into precious metals:
Source: Tom Mcclellan
6. Treasury:gold ratio RSI divergence historically suggests reversal out of gov bonds into precious metals:
Source: Willem Weytjens / Stockcharts