Below looks at a chart of Silver prices over the past 8-years. After declining sharply, Silver hit its 38% Fibonacci retracement level twice at (1). After failing to break above Fibonacci retracement resistance, selling pressure picked up and Silver fell hard.
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Silver is now testing its 23% Fibonacci retracement level and falling resistance at (2), inside of a short-term rising wedge pattern.
Silver is testing short-term rising support at (3), just under Fibonacci 23% level.
It could be important for Silver to NOT slip below support at (3), just below a key retracement level at (2).
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