Long term silver futures chart for the month.
recorded a major bullish price reversal in early 2020, leading to a multi-month rally that pushed prices up to $ 30.
Silver futures have traded in the $ 8 range since their peak earlier this year and are facing a major test right now.
As you can see in today’s long-term monthly chart, silver futures are testing the main price support / resistance line at point (1). This has been a turning point for the past 40 years!
Line (1) is also a 61.8% Fibonacci retracement from the 1980 price high to the 1990s price low.
Silver is testing this line once again at point (2) – this time it interferes with support. Will this area be sustained? Or will it give way to even greater decline?
Let’s just say that there is no time to slide for silver. Be in touch.
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