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Silver's Heavy Resistance

Published 09/27/2016, 12:55 PM
Updated 07/09/2023, 06:31 AM

Below looks at silver dating back to the early 1970s. Silver created an important top at $50 in 1980, but did it create another important top at the same price in 2011?

Monthly Silver

Silver hit $50 in 2011 -- the high back in 1980 -- and since then, has created a series of lower highs and lower lows.

It's now testing a bunch of resistance lines and its Fibonacci 61% retracement level at (1), with bullish sentiment at lofty readings.

For silver to break free from its trend of lower highs and lower lows, it needs to take out this “resistance bunch” to do so.

Silver's risk-on trade does not want to see selling take place below this key price zone at (1).

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