The following chart details some potential levels of chart resistance for silver based on a series of Fibonacci projections. Keep in mind that we are basically working with educated guesses here since data from 30 years ago loses a great deal of relevance in my opinion. Does anyone really believe silver at $33 today has the same value as silver at $33 thirty years ago? In other words, we might as well be working with silver as if it is trading in uncharted territory and go from there.
Eventually the market will determine those new levels of resistance by its behavior as well as new levels of chart support, but for the time being, the levels shown on the chart, and the behavior of the silver market as it approaches these levels, will tell us a great deal about this market, much more than the analysts themselves can tell us.
Note also that I am using the weekly chart for the metal giving this chart a longer term perspective.
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