Chart of the day: Silver

Blake Morrow Forex Analytix

The Silver market has rallied sharply off the key support at the 18.34 level. If you did not know why this was a huge support level a few weeks ago, it is the post COVID lockdown move's 61.8% Fibonacci retracement level. The silver market has been developing a bull flag pattern and is trying to break higher today after a week of "flag consolidation." We are also testing a minor descending trend line from the beginning of May as well. A move above the 20.75 level should allow for a move back towards the 22.00 level to complete the bull flag pattern. A major resistance level to pay attention to is the 21.30 level, which is the 38% retracement of the April 18th high to July lows. Also the previous spike lows in Sept and Dec 2021.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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