Silver started rallying last Thursday and continued to rally throughout Monday to the 30.1365 level (8 year high) breaking through the highs printed back in August 2020. That´s a 22% move.
After it hits those highs prices in Silver crashed 12.80% to retest the previous broken level.
Right now we are retesting and rejecting a massive confluence of levels.
The no-trade-zone (26.10-26.77) confluences with the weekly pivot, the 61.8% retracement of the bullish move and the 1.618 retracement of the last bullish leg. Both bearish targets and levels where bulls are jumping in.
A break above the no-trade-zone would trigger momentum to the upside.
Levels to watch if this scenario plays out are the 28.40 and the 29.80
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