Silver futures recorded a major bullish price reversal in early 2020, leading to a multi-month rally that pushed prices as high as $30.
Since peaking out earlier this year, silver futures have toiled in an $8 trading range and are facing a big test right now.
As you can see in today’s long-term monthly chart, silver futures are testing a major price support/resistance line at (1). This has served as a pivot for the past 40 years!
Line (1) is also the 61.8% Fibonacci retracement of the 1980 price high to the 1990s price low.
Silver is testing this line once again at (2) — this time is comes in the way of support. Will this area hold? Or, will it give way to a bigger decline?
Let’s just say that it is “no time to slip” for silver. Stay tuned.