Below looks at a chart of silver prices over the past 8-years. After declining sharply, dilver hit its 38% Fibonacci retracement level twice at (1). After failing to break above Fibonacci retracement resistance, selling pressure picked up and dilver fell hard.
Silver is now testing its 23% Fibonacci retracement level and falling resistance at (2), inside of a short-term rising wedge pattern.
Silver is testing short-term rising support at (3), just under Fibonacci 23% level.
It could be important for silver to NOT slip below support at (3), just below a key retracement level at (2).