Throughout the recent rally in silver, you can see that Fibonacci levels have well respected at every level.
Pullbacks occurred at 0.236, 0.385, 0.5, 0.618, followed by a (sometimes short) period of consolidation.
0.786 ($19.60) will be a price level to watch, which may provide an opportunity to enter with trend on a pullback. If you follow this level back to 2016 you will see a cluster of candles that have weekly close price around this level indicating an area of significant resistance.
As of now, all fundamentals support a move higher in the long run. Gold / Silver ratio has started to break down, which I mentioned in a previous idea.
Pullbacks occurred at 0.236, 0.385, 0.5, 0.618, followed by a (sometimes short) period of consolidation.
0.786 ($19.60) will be a price level to watch, which may provide an opportunity to enter with trend on a pullback. If you follow this level back to 2016 you will see a cluster of candles that have weekly close price around this level indicating an area of significant resistance.
As of now, all fundamentals support a move higher in the long run. Gold / Silver ratio has started to break down, which I mentioned in a previous idea.
Note
Within a penny....Not sure how big of a pullback we're going to get though.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.