Sep. 6 at 12:09 AM
$SI_F Technical Analysis - Neutral Overall
After repeated attempts since June 15, silver struggles to close over the 23.60% (
$70.81) Fibonacci retracement level based on Jan 29's high of
$122.
This (near
$71) is the key level to firmly break and close above to hope for a rally. Until then, silver looks to be stuck between 62/64 on low boundary to 70-72 on high boundary
Once silver breaks past
$71, the next target will be near
$80.
But for that to happen, we need USD and 10Y yield to fall, but that's challenged by Iran war and high oil price.
We'll need more patience on this.
$SLV.X
$AGQ $GLD.X
$NUGT