Silver Weekly Fibonacci Levels Well Respected Target $19.60
Throughout the recent rally in silver, you can see that Fibonacci levels have well respected at every level.
Pullbacks occurred at 0.236, 0.385, 0.5, 0.618, followed by a (sometimes short) period of consolidation.
0.786 ($19.60) will be a price level to watch, which may provide an opportunity to enter with trend on a pullback. If you follow this level back to 2016 you will see a cluster of candles that have weekly close price around this level indicating an area of significant resistance.
As of now, all fundamentals support a move higher in the long run. Gold / Silver ratio has started to break down, which I mentioned in a previous idea.
Pullbacks occurred at 0.236, 0.385, 0.5, 0.618, followed by a (sometimes short) period of consolidation.
0.786 ($19.60) will be a price level to watch, which may provide an opportunity to enter with trend on a pullback. If you follow this level back to 2016 you will see a cluster of candles that have weekly close price around this level indicating an area of significant resistance.
As of now, all fundamentals support a move higher in the long run. Gold / Silver ratio has started to break down, which I mentioned in a previous idea.
Nota
Within a penny....Not sure how big of a pullback we're going to get though.
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Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.