Silver - The Forgotten Store of Value
Although Silver/oz prices exceeded $36 in 2011 I believe that price action can be looked at irrational. With that being said we can identify over a long period of time that Silver has tested the 78.6% fib level TWICE now.
To follow that, we have always been in a "upward trend" except when we dropped down to $14 level in 2018 and 2019 which has shown to be strong support for over a decade. Around $18 dollars seems to show heavy resistance for over a decade as well. This $18 dollar level also happens to be 61.8% fib level.
If we can break through this 61.8% level ($18) we could see a surge in price. Especially if this "slight recession" that we are in now stabilizes over the next 3-6 months we could see the same price action if not heavier price action than we saw in 2010.
Short term price per oz action will be choppy between $16-$18 dollars until the global markets stabilize. Silver bullion would be a great hedge going forward with the times that we are in.
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To follow that, we have always been in a "upward trend" except when we dropped down to $14 level in 2018 and 2019 which has shown to be strong support for over a decade. Around $18 dollars seems to show heavy resistance for over a decade as well. This $18 dollar level also happens to be 61.8% fib level.
If we can break through this 61.8% level ($18) we could see a surge in price. Especially if this "slight recession" that we are in now stabilizes over the next 3-6 months we could see the same price action if not heavier price action than we saw in 2010.
Short term price per oz action will be choppy between $16-$18 dollars until the global markets stabilize. Silver bullion would be a great hedge going forward with the times that we are in.
Please follow, comment and criticize.
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