Silver futures have retraced over 50% of its recent down move. Recent price trends are up, as prices found support three different times at the 38.20% fib level around 14.50, per Charles Schwab.
“The Fibonacci tool indicates support at 15.40 with a breakout target level of 16.20. A break to the downside, however, could see the fourth test of support back down at 14.50.”
“Momentum is clearly trending up forming a bull flag pattern. Following the 38% rally off recent lows, bulls are stepping back in after a brief period of profit-taking.”
“The downward channel could now support another up move as long as momentum remains bullish. A break below 15.40 could be a signal of renewed weakness. The stochastic RSI rolling over below 80% would also be a signal of momentum slowing and turning negative.”