Chart of the day: Silver

Blake Morrow Forex Analytix

Silver at risk of a long-term breakdown.

The false breakout in early December 2023, is leading to silver underperforming gold, but more importantly, at risk of a further breakdown. Long term, the silver market looks to be developing a long term triangle consolidation. And the false breakout could lead to a triangle support test near the 21.25 level. A break of the 22.50 intermediate support would open the door for that to happen. The mid December 2023 to present day consolidation has an extension at 21.90 then 21.16 for the 161% "golden Fibonacci" level. A break of 21.16 would be very bearish for the precious metal.

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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