Silver Rally Nears Important Breakout Price Resistance

LONDON (April 22) The precious metals space continues to show impressive strength in 2024. Gold is at new all-time highs and Silver has picked up the pace lately as well, testing its 5-year highs.

Over the past few months, we have highlighted several trading setups in Gold and Silver.

Silver ETF (SLV)-Monthly Chart

Today, we provide another update on Silver via the ETF (NYSE:SLV).

The chart below is a long-term “monthly” view of the Silver ETF (SLV). As you can see, SLV is testing its 5-year highs at (1). This resistance level carries even more importance because it is the 38.2 Fibonacci retracement level. Time for a pullback or time for a breakout?

Should the Silver ETF breakout at (1), look for it to run hard towards its 61.8% Fibonacci level at $33, which is nearly 20% above current prices!

Investing.com