Friday , 29 September 2023

Silver: A BIG Move Near? (+2K Views)

Silver has been in a descending triangle over the past 8 years but looks to be nearing completion. This suggests a large move in Silver is near.

Silver Monthly

Silver has spent the majority of the past couple of decades inside of rising channel (1). It hit the top of this channel and its 1980 highs in 2011, where a major peak took place.

The 8-year decline in Silver has it currently testing the bottom of this channel and its 23% Fibonacci retracement level at (2). Is the bear market in Silver about to end?

What Silver does at (2) will go a long way to answering this question!

In my humble opinion, Silver is facing one of its most important support tests in the past few decades. This is a MUST hold price point for hard-hit Silver.
Is it Hi-Yo Silver time for Silver? If Silver holds at support and breaks above falling resistance, look for a quality rally to take place.
Editor’s Note: The above excerpts* from the original article by Chris_Kimble  have been edited ([ ]) and abridged (…) for the sake of clarity and brevity. Also note that this complete paragraph must be included in any re-posting to avoid copyright infringement.

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(*The author’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.)

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