Silver and longer term fib levels

16 нояб. 2020 г.

Silver seems to have excellent growth potential in the next couple of years.
This is a look at longer term fib support and resistance levels of silver.

The fib levels on the right - more recent - part of the chart show retrace from April 2011 - Mar 2020. The .382 level was broken through as resistance, but has not gone down again to retest of .382 level as support yet. My thought is that this level .382 (around $20) will be retested and confirm support before doing a longer bull run. (Of course, it could fail as support as well, and good to keep in mind all possibilities, although, that seems less likely to me.)

We have already tested 0.5 level as support. If this fails, we're looking at retesting the .382. Buying around the .382 level as is in my definition a strong buy for short term or long term. Long term due to the effects of inflation from all the efforts to rescue the economy.

But there is chance that it could retest the .618 as resistance first prior to going lower again. If this scenario happens, then it would be a short term sell.

I am bullish on silver on the longer term and I am looking for opportunities to long.
Keep in mind all possibilities of what can happen.


*** This is not a recommendation to buy or to sell. Please do your own research to make your own trading or investing decisions. You should not use others' ideas as the basis of trading/investing decisions. ***