Welcome to Extreme Investor Network, where we provide unique insights and analysis on the stock market, trading, and all things Wall Street. Today, we are diving into the Fibonacci confluence in the silver market, marking resistance from 32.13 to 32.36.
Although silver’s price reached above this range today, it looks like it may close within or below this price zone on Monday. The previous trend high at 29.80 now serves as a possible support level to watch, along with the 20-Day line at 28.03. However, there are other important price levels to keep an eye on as well.
One key level is at 31.46, which represents a long-term 50% retracement from the peak in April 2011. This level has acted as both resistance and now potential support if silver experiences further weakness. Today’s low of 30.95 is another important marker – a drop below this level could signal a deeper pullback. Additionally, there is potential support around the top rising trend channel line, which would be around 30.60 if hit today.
Despite these short-term fluctuations, the larger bullish picture for silver remains intact. Last week, silver hit a new long-term trend high above 30.14 and closed at its highest weekly price since February 2013. This advance also triggered a continuation of a large bull flag pattern, which historically has seen significant price increases in a short period of time.
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