Good day traders! The recent spike in Silver was really impressive, to say the least! Since my previous update on the 8th of July, Silver reached the September 2019 high target at 19.64 and continued rocketing higher.
Considering how strong that upward swing was, it would make sense to have a look where Silver is trading from a bigger picture perspective, like the monthly timeframe, to see if there’s any upside resistance that can turn price lower again.
On the monthly chart above, Silver reached a 0.382% Fib retracement level measured from the all-time high in April 2011 to the recent low in March this year.
Price also touched the median lines of two different pitchforks and is currently reacting lower. This might be the start of a corrective phase considering the resistance levels that have just been reached and if a correction does take place, it could present another buying opportunity in the near future.
More updates to follow.
Until next time, have a great day and stay safe!