Silver approaching Target 2 at .618 FIB

12 lip 2022

Since losing market structure support in the $21.50- $22.35 area, Silver has been sliding downward to the 0.5 FIB level. After a few tests of this level (approx $20.80) price action declined down to the .618 FIB Level and with in roughly 0.30 of my 2nd target.

Price action has began to form a channel now with multiple lower touch points.

As long as the dollar continues to strengthen (against other currencies) it's likely we can expect assets such as Silver, Gold and Bitcoin to slide downward.

Target 3 if needed would be the next lower FIB level. With the indicators pretty close to cooling off on the lower time frames and the .618 holding we could look for a bounce back up to the .5 Level.

I personally do not trade paper metals. I purchase physical metals as my hedge again USD and Crypto. So the short term price does not personally concern me and I am not looking to play a bounce. I am simply looking for the best entry prices to stack more Silver.

If you are looking for a swing trade consider looking to the FIB levels or ranging inside of the channel for your bounce.

If you love Silver Stacking or Gold leave a comment below! :)