It has been quite a long time since I was able to find and report something really bullish about the silver.
Now, however, after this week`s bullish breakout within silver prices rose to 4-week highs after Fed Chair Jerome Powell comments indicated a less aggressive Fed rate-hike trajectory, dragging the dollar lower it may even be the outcome that the white metal may have recently printed it`s final low of the year, and consequently - ... perhaps ... -, a next really strong upward movement in terms of time and price factors could be on the way.
If we respect the GUNNER24 Forecasting Method, the final silver futures (SI #) low of the year has now arrived with a probability of 75% at the 18.01$ bear extreme, what means the lowest price of this July 2022.
Above you can see the monthly silver futures (SI #) chart since 2007, showing a massive amount of information, but sorry there is no other way ...
At the financial crisis low of 2008, I created a so-called assisting setup. Just as I`ve anchored an assisting down setup at the 2011 alltime-high (ATH). At the final 2020 Low, I`ve anchored the currently most important GUNNER24 Up Setup of SI # on monthly base, showing the well-tested Blue Arc is nicely confirmed yearslong main resistance = at same time most interesting future backtest/retracement upmagnet on monthly & yearly, but also on a DECADE base.
The final lows of 2020 and 2008, as well as the set 2011 ATH, are extremely important prices from the longer past &&& of this and last DECADE time windows &&& of this CENTURY.
The ATH price is, of course, the most important and mayby also most influencing price auction ever achieved.
Natural resistances and supports arise from these important past price extremes, which of course also affect the price nowadys and for the nearer and distant future.
And here it comes ...
The 18.01$ July low, the so far 2022 bear market extreme, was another successful backtest of perhaps most important existing support from above as the price then and there tested back the 1*1 ATH Support Angle. Additionally, the 2022 Low delivered the nearly perfect backtest of the 2008 Low Support Angle.
Ice on this bullish cake arising: 2022 Low is the 98% successful backtest and very first backtest of the natural 1*1 Bull Market Angle, directly out of 2020 Low. By the work off of this 2020 Low 1*1 Bull Market Angle the most important bull market support of 2020 Low is tested back - successfully as it seems. The silver could have bottomed at perhaps most important 2020-2029 DECADE support rail => 2020 Low 1*1 Bull Market Angle!
With the processing and backtesting of the 2020 Low 1*1 Bull Market Angle main support rail, also an existing monthly downside target regarding price and time is finally worked off and fulfilled, which became activated after the decisive bearish break of the former 2020 Low 2*1 Gann Angle support.
That`s why we have to draw this positive conclusion:
=> At year low, silver probably found extremely strong-acting TRIPLE Gann Angle cross-support what is unusually rare event and obviously bullish.
==> Due to expected positive seasonality & inflation to remain strong for months, even years the 18.01$ bear extreme should be the FINAL low of 2022!
As a consequence of the now likely unfolding TRIPLE Gann Angle cross-support energy SI # should backtest major support horizontal - an obvious yearly overhead main resistance backtest target - at 21.20$ within next 1 to 2 week candles.
Please watch closely, that the dark-red dotted 21.20$ backtest upmagnet resistance horizontal supported SI # for some time at the late 2021 lows. Finally broken months ago, the 21.20$ represents a future horizontal upmagnet resistance on combined monthly and yearly base & could be even back tested within the next 3 to 5 trading days.
SI # fired a charttechnical buy signal on monthly base as the July 2022 candle printed an impressive long hammer candle. Also at this week`s closing auction the first weekly buy signal since March was fired, but at official July 2022 close no official GUNNER24 Buy Signal was set, this would require 2 consecutive weekly closings and/or 1 monthly close above the major 21.20$ - 21.30$ overhead.
Such perhaps coming 2 consecutive weekly closings and/or 1 monthly close above the major 21.30$ until September 1st, activate the next test of the major Blue Arc backtest resistance upmagnet which brakes silver since August 2020 rally highs.
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