Silver ETFs are retesting 61.8% level again.
Though all the silver ETF's underlying commodity is silver only but taking example of Tata silver ETF here.
After a strong uptrend, price appears to be consolidating within a range following a sharp rejection from the highs. It has already retested 61.8% Fibonacci level multiple times before. Again it is going to retest the same level.
A sustained move above the upper range could shift momentum back to the upside, while a breakdown below the support zone may lead to further downside.
Considering the current geopolitical scenario, silver may extend the recovery towards higher range If USD weakens in upcoming sessions.
After a strong uptrend, price appears to be consolidating within a range following a sharp rejection from the highs. It has already retested 61.8% Fibonacci level multiple times before. Again it is going to retest the same level.
A sustained move above the upper range could shift momentum back to the upside, while a breakdown below the support zone may lead to further downside.
Considering the current geopolitical scenario, silver may extend the recovery towards higher range If USD weakens in upcoming sessions.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.