Could Silver prices from 30-years ago be influencing price action this month? Joe Friday suggests it is possible.
This chart looks at Silver Futures on a monthly basis over the past 40-years. Fibonacci levels were applied to the 1980 highs ($50) and 1991 lows ($.350) in Silver.
The 50% retracement levels of the 1980 high/1991 low came into play as support for a few months at each (1). Once this support broke, Silver fell another 50%.
The impressive rally over the past 8-weeks has Silver testing the 50% retracement level as potential resistance this month at (2).
Joe Friday Just The Facts Ma’am; At mid-month, Silver could be creating a large bearish reversal pattern at a 30-Year Fibonacci level.
The month is far from over. This price level should become very important at the end of the month for Silver bulls and bears!
Keep a close eye on this long-term Fibonacci level at months end, says Joe Friday