🏆 Today's Chart of the Day was shared by Ian McMillan (@the_chart_life).
- Silver futures briefly traded above $82 overnight before correcting as much as -15% from its intraday peak. While today was Silver’s worst session since 2020, it was still the second-highest close ever at roughly $72/oz.
- After surging roughly +60% since Thanksgiving, Ian points out that Silver has reached a natural resistance level around $72, which marks the 161.8% Fibonacci extension of the 2011 - 2020 decline.
- This is a natural area for consolidation or a corrective phase following Silver’s recent parabolic advance. Despite today’s pullback, the metal remains on track for its first eight-month winning streak in recent decades and its best month since 2020.
The Takeaway: Silver corrected sharply today after briefly crossing $82/oz. last night. The uptrend remains completely intact; this Fibonacci level is a natural spot for digestion before a higher trend resumes.
