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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Publications connexes
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.