Chart Of The Day: Silver
Forex Analytix | Aug 09, 2022 01:42AM ET
The silver market has rallied sharply off the key support at the 18.34 level. If you did not know why this was a huge support level a few weeks ago, it is the post COVID lockdown move's 61.8% Fibonacci retracement level. The silver market has been developing a bull flag pattern and is trying to break higher today after a week of "flag consolidation."
We are also testing a minor descending trend line from the beginning of May as well. A move above the 20.75 level should allow for a move back towards the 22.00 level to complete the bull flag pattern. A major resistance level to pay attention to is the 21.30 level, which is the 38% retracement of the April 18 high to July lows. Also the previous spike lows in September and December 2021.
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