Fundamental resistance and potential decline
Silver reached roughly its 61.8% Fibonacci retracement, based mostly on the 2011-2020 decline. This can be a key resistance degree that may, and sure will, trigger important declines.
Additionally needless to say silver is on the long-term cyclical turning level (the vertical strains) and in the previous few instances (over the previous decade) they’ve all been tops.
Nonetheless, each methods can work roughly, and silver is understood for false pimples. Which means if the dear metals sector does certainly go up for the final time (I am speaking days, not weeks or months), silver might nonetheless rise – the chart above would not disprove that.
What it does present, nonetheless, is {that a} medium-term decline is probably going across the nook.
Nonetheless, the long-term potential for silver stays intact.