Silver - Resistance Line?

Here is an updated chart with the Fibonacci retracement. This is the same chart I posted yesterday and as predicted, silver is hedging closer to $40. The $39.60 Fibonacci line is holding for the moment, but weakness in the dollar should propel silver over that bar eventually.

Silver - Regression and Retracement

And here is a quick chart for silver

Click for a larger image

Quite the parabolic move for silver. Same overlay as the gold chart - regression channel with a standard deviation of 1 and a Fibonacci retracement from the lows of August to December and January! Silver has had a much better run than gold in the that timespan. There was some hesitation around the 50% line, but it has been a runaway train since then. Looks like the $40.00 line could be a target.

The Other Shiny Metal

While gold is grabbing all the headlines, silver is now on a parabolic rise.

The price is now at the top of the regression channel which should worry anyone invested in silver right now as prices usually tend to reverse to the trend.


Silver has already blasted through Fibonacci resistance lines from the previous correction. The $30 line held for a week, but is now strongly behind...

In case of a correction, here are the support lines. once again, $30 seems like the strongest support area.