Chart of the day: Silver

Blake Morrow Forex Analytix

Silver is in an ascending wedge, but the silver market also found resistance at the 61.8% Fibonacci resistance level at the $25.34 level. The spike above there did not last long as we may be nearing channel support at the $23.50 level soon. A break of the channel would put the trend lows at $21.59 back in play and if broken, the 200dma would be next below the $20.00 level.

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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