Silver Rally Nears Important Breakout Price Resistance
Chris Kimble | Apr 22, 2024 07:16
The precious metals space continues to show impressive strength in 2024. Gold is at new all-time highs and Silver has picked up the pace lately as well, testing its 5-year highs.
Over the past few months, we have highlighted several trading setups in Gold and Silver.
Today, we provide another update on Silver via the ETF (NYSE:SLV).
The chart below is a long-term “monthly” view of the Silver ETF (SLV). As you can see, SLV is testing its 5-year highs at (1). This resistance level carries even more importance because it is the 38.2 Fibonacci retracement level. Time for a pullback or time for a breakout?
Should the Silver ETF breakout at (1), look for it to run hard towards its 61.8% Fibonacci level at $33, which is nearly 20% above current prices!
This is an important resistance test for Silver! Stay tuned!
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