The current price for silver is 17.79, trading well above its rising 40 week moving average at 15.69. This market is in a period of consolidation after the dramatic bull run which took place between June and August this year. We expect a limited downside correction to the 16.30 level which marks the Fibonacci 61.8% retracement from the high of 19.64 made on 4th September 2019 to the low of 14.25 made on the 29th of May 2019.
Further out, major upside resistance is to be found at 22.07 which marks the Fibonacci 23.6% retracement from the low of 13.60 made on 18th December 2015 to the high of 49.51 made on the 29th April 2011. A break of 22.07 would open upside fantasy to the 27.30 level.