In short, SLV found its legs at the 20 week moving average. The latest rally attempt has the silver ETF nearing the key 38.2% Fibonacci retracement level (resistance). This should prove a tough test for SLV and may require some coiling first.
Technical levels to watch include the aforementioned 38.2 percent Fibonacci level above and the near-term uptrend line below (see daily chart). If the uptrend breaks down, then watch the 200 day and 20 week moving averages.
Trade safe, trade disciplined.
Silver (SLV) technical charts as of Novemeber 23, 2012. SLV charts with technical analysis and key fibonacci retracement levels for November and December. Precious metals sector – Silver.
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