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TFC Commodity Trading Forum

Re: March Silver/Hanging on to Support/Trout *PIC*

How's it going Trout! Well oddly enough Silver did find support at the Fib 61.8% retrace area. Silver unlike Gold usually ignores this popular Fib number and retraces more like the next Fib # at 70.7% which is 29.12 or even 78.6% which is 28.40 which is also the August breakout pt. I am surprised it has spent so much time at this present 30 level. But that doesn't mean the selloff is over yet either. It's still not out of the woods yet. Those further down numbers are more likely to find price support that holds than here. Only a break over $31 that holds will suggest this selloff is over. Very odd that Silver which is a 'risk on' trade and tied to economic bullishness is doing so poorly with the broad market rallying so strongly. Something is wrong with this picture.