Silver futures recorded a major bullish price reversal in early 2020, leading to a multi-month rally that pushed prices as high as $30.
Since peaking out earlier this year, silver futures have toiled in an $8 trading range and are facing a BIG test right now!
As you can see in today’s long-term “monthly” chart, Silver futures are testing a major price support/resistance line at (1). This has served as a pivot for the past 40 years!
Line (1) is also the 61.8% Fibonacci retracement of the 1980 price high to 1990’s price low.
Silver is testing this line once again at (2) — this time is comes in the way of support. Will this area hold… or will it give way to a bigger decline?
Let’s just say that it is “no time to slip” for Silver! Stay tuned!
This article was first written for See It Markets.com. To see the original post CLICK HERE.
