Silver near a buy signal on the weekly charts

Silver Medium Term Weekly Price Chart
Long Term Trend ~ Bearish 28.75 - 30.65
Medium Term Trend ~ Neutral 21.04 - 21.07

The medium term trend has moved from Bearish to Neutral three weeks ago and the situation is quickly changing as price is now only 3 cents on the moving averages from turning bullish. We have Blue Bull at 21.04 and RED BEAR at 21.07 with price above both and testing 21.04 on Tuesday. THIS IS THE CLOSEST WE HAVE SEEN A METAL turn MEDIUM TERM BULLISH IN A YEAR. There has only been one bullish turn since September of 2011 and that was September 2012, and it ended up not being a good signal and turned down after going sideways for 5 months until it gave way in March of 2013. KEEP AN EYE ON THESE MOVING AVERAGES and this price zone. THIS IS AN IMPORTANT TIME FOR SILVER AS JANUARY COMPLETED 34 MONTHS SINCE THE 2011 PRICE HIGH. IN OTHER WORDS, THIS COULD BE A "TIME" POINT FOR SILVER. WE NEED TO STAY ABOVE THE MOVING AVERAGES, AND WE NEED THE BLUE AVERAGE TO CROSS ABOVE THE RED.

RESISTANCE this week is 22.10-22.60 on a medium term basis and then 23.11.
Support is around 19.90 AND 20.50 (GIVE OR TAKE A BIT)

As discussed last week and prior weeks, an important low near the end of December/early January still holds promise in cycles that a rally can develop from this area.

An initial target for silver could become 22.60-23.11 and potentially 25-27 at some point.

That 21.33 green channel line from the 2008 high needs to keep weekly closes in check as well. The one wild card in the play is the UKRAINE situation. If gold takes off, silver will follow. In summary, the short and intermediate term remains up in silver and medium term is neutral.