Silver made a big move up today on no apparent news that I can find. It’s especially worth noting that gold didn’t make a big move up with silver. That really got my attention.
Silver closed out a previous -23.6% Fibonacci target of 28.20 and the new target is 29.11. There will most likely be resistance in the $29 area.
Please keep in mind if you trade silver bullion, you’re in for the long haul and big daily swings are normal.
Contract: $SI_F Silver futures
Date of occurrence: Monday, August 20th 2012
What happened: Price closed a -23.6% Fibonacci target of 28.2
New levels: Target = 2911. Support = 28.11 and27.95
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Silver Futures contract target =