Below looks at a chart on Silver, dating back to the early 1970’s. Silver created an important top at $50 in 1980, did it create another important top at the same price in 2011?
(Click on image to enlarge)
Silver hit $50 in 2011, which was the highs back in 1980 and since then, has created a series of lower highs and lower lows.
Silver is now testing a bunch of resistance lines and its Fibonacci 61% retracement level at (1), with bullish sentiment at lofty readings.
For Silver to break free from its trend of lower highs and lower lows, it needs to take out this “resistance bunch” to do so.
The Silver “Risk On” trade does not want to see selling take place below this key price zone at (1).
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