Silver has traded conversely to gold, managing to selloff since the latter days in May. Silver topped out above $32, attempting another advance which ultimately fell short near $31.75 and has come off a sizeable amount since then. The metal now attempts to find support at the prior Fibonacci level of $27,40. The Fibonacci retracement relates to the 2021-2022 decline.
- Gold reaches record high due to rise in global markets
- The Dow Jones Industrial Average rose 100 points on Friday
- Gold in the last leg of the 5th wave ABC
- China’s crude oil reserves fell significantly in July 2024
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The daily silver chart reveals a shorter-term test of trendline resistance. Silver’s recent upward lift was inspired by a bounce off the 200-day SMA and subsequent momentum which has lifted the commodity above the 78.6% Fib level.
A condition for a reassessment of the broader bearish move would require a break above the trendline followed by an immediate test (as support) and subsequent bullish follow through. Until then, the bearish trend move appears constructive and the RSI continues along the midline – revealing neither overbought nor oversold signals.
