Silver’s monthly chart is also trading at the 78.6% Fibonacci retracement of the long run higher, Harmon added. The Fibonacci retracement may indicate a potential retracement or reversal of the asset’s original trend.
After a steep multi-year decline, silver prices have also rallied considerably higher, writes Gary Christenson for Investing. For instance, similar crashes of 64%, 46%, 51% and 68% since 1986 have been followed by periods of strength.
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