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Gold And Silver Bulls Don’t Want Weakness Here

Published 08/12/2016, 02:11 PM
Updated 07/09/2023, 06:31 AM

The chart below looks at two silver charts that show the metal is facing two different types of resistance right now at (1).

Silver Finds Support (left), Resistance

Silver found support at its rising channel and 23% Fibonacci retracement level in the left chart above. Now it's facing its 38% retracement level at (1).

At the same time, silver is also facing a cluster of resistance at (1) in the right chart.

Both gold and silver bulls DO NOT want to see weakness or reversal patterns taking place at these price points at (1).

In my opinion, this is THE MOST IMPORTANT test of resistance for silver since its 2011 highs.

Latest comments

Thanks for the quick update Chris. With the current state of the market, it might be inevitable to see some weakness at this current juncture for gold.
yes booom down to 1030 within 6months from 1380level
in the next wewk it will rise above the 14oo so get ready for the booooommm
In my opinion, I see no fundamental reason why precious should find weakness this year, though we are seeing some technical resistance. But I believe the bull market is still very strong.
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