Silver At Resistance

Silver is sitting right at an important technical level at 28 on the SLV ETF. If you take the topping pattern in silver over the last few months as a head and shoulders top the neckline is right about at 28. SLV also gapped down at that level a few weeks ago and has recently just managed to fill that gap. A breakdown from the gap fill would be bearish for silver, and would mean the bearish head and shoulders pattern is still in play with a downside target of at least 25. A breakout above the 28 level, however, would be bullish and possibly could mean an end to the downtrend in silver.

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