This is the best positioned stock for the next AI phase, BofA says
Could silver prices from 30 years ago be influencing price action this month? Joe Friday suggests it is possible.
This chart looks at silver futures on a monthly basis over the past 40 years. Fibonacci levels were applied to the 1980 highs ($50) and 1991 lows ($.350) in silver.
The 50% retracement levels of the 1980 high/1991 low came into play as support for a few months at each (1). Once this support broke, Silver fell another 50%.
The impressive rally over the past eight weeks has silver testing the 50% retracement level as potential resistance this month at (2).
At mid-month, silver could be creating a large bearish reversal pattern at a 30-year Fibonacci level.
The month is far from over. This price level should become very important at the end of the month for silver bulls and bears!
Keep a close eye on this long-term Fibonacci level at month's end.