The current level at the time of writing is $39.37. Silver has remained lacking in trend direction over the past 12 months as can be seen in the low weekly Bollinger Bandwidth reading of 14.08. The overall technical picture remains bullish with the current price well above the rising 40 week moving average at $31.68. The 14 week relative strength index is currently at 57% and is poised to break above the falling year old trendline.
A weekly close above $35 could well ignite volatility and put focus on the following Fibonacci upside projection targets measured over the 11.62 to 29.83 range traded between March and August 2020.
- 38.2% = $36.90
- 50% = $39.05
- 61.8% = $41.20
- 78.6% = 44.26
- 100% = $48.15
- 161.8% =$59.41
Looking at the weekly Gold to Silver ratio, it appears that the Fibonacci 61.8% retracement level of 103 measured over the 62.05 to 128.31 range is acting as strong resistance. The falling MACD-V reading of 80 also points to the building of downside pressure on the ratio and thus strength building up in the silver market.
Disclaimer
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