It’s been a while since I revisited the precious metals market and, more specifically, looked at Silver. As most of you are aware, precious metals have been under pressure since the mid 2011… over 4 years. After the run Gold and Silver made into 2011, it’s taken time to unwind the excesses.
Way back in August of 2014 I used my Fibonacci method to calculate the next target for Silver prices. That price target was 14.095. Silver came close to the target in December 2014 (14.155), but close wasn’t good enough. Finally, it came down and hit the price target last month.
Including today’s price action (Dec Silver Futures currently at 14.80), Silver has rallied 6 percent off of those lows. This level will be important to watch going forward. See the chart below for reference. click chart to enlarge
Silver Futures – 20 Year Chart
Thanks for reading and remember to always use a stop loss order when trading.
Twitter: @TheFibDoctor
No position in any of the mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
