The current setup on the silver chart is being compared to the early stages of the silver bull market in the early 2000s. Back in late 2003, silver was trading at under $5, which was considered a bargain at the time. This historical context is being used to analyze the current situation in the silver market.
Looking at the chart, it is suggested that the price of silver will likely move back inside a certain channel, similar to what happened in December 2003. In addition, it is expected that the price will remain above a specific blue line for the duration of the bull market. This technical analysis is being used to predict future price movements in the silver market.
It is important to note that technical analysis is just one tool used by traders and investors to make decisions in the market. It is based on historical price movements and patterns, and is not always a foolproof way to predict future price movements. However, many traders find value in using technical analysis to inform their trading decisions.
In conclusion, the current setup on the silver chart is reminiscent of the early stages of the silver bull market in the early 2000s. By analyzing historical price movements and patterns, it is suggested that the price of silver will likely see a similar trajectory in the near future. Traders and investors are advised to consider this technical analysis along with other factors when making decisions in the silver market.
