Silver Pullback into Support

Mar 2

Silver may be coming in for a pullback. It traded it's first longer time frame bear fib on Friday afternoon, selling off in the last 4 hours of the session. Silver has been considerably weaker than gold, so should the sell off continue, expect to see sliver trading it's HWB long at the 50-61.8% line. In terms of Elliot Wave, there is a wave count starting at the bottom that shows a potential objective to our fibs as well. Aggressive shorts may sell into the retracement. Longs would be wise to target these levels for buying opportunities by looking at price stability at support and price increases in gold.