Below looks at a chart of Silver prices over the past 8-years. After declining sharply, Silver hit its 38% Fibonacci retracement level twice at (1). After failing to break above Fibonacci retracement resistance, selling pressure picked up and Silver fell hard.
CLICK ON CHART TO ENLARGE
Silver is now testing its 23% Fibonacci retracement level and falling resistance at (2), inside of a short-term rising wedge pattern.
Silver is testing short-term rising support at (3), just under Fibonacci 23% level.
It could be important for Silver to NOT slip below support at (3), just below a key retracement level at (2).