With the US Dollar Index trading over 100, precious metals prices have stalled out.
And if this headwind persists, it could push Silver below a key trading support level.
This support shows up on today’s “monthly” price chart for Silver.
As you can see, Silver has found resistance at the $22 level at each (1) over the past 40 years. Note that this also marks the 61.8 Fibonacci retracement level, adding significance to this price level.
Well, this month Silver is testing that very same $22 price level as support at (2). Silver MUST hold here at (2). If support fails, it could head back toward the $14 zone again! Stay tuned!
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