Due to a recent rebound against the lower trend line of a long term ascending channel pattern the silver price has surged, as it has formed an ascending channel pattern. The commodity price is heading to the resistance, which is put up by the 61.80% Fibonacci retracement level of the 2016 high and 2017 low levels. The retracement level is
The recent developments on the chart for the yellow metal have pressured for a review of the situation. First of all it has to be noted that a hypothetical ascending channel pattern has been drawn by using as a reference point the recent rebound. The junior channel is a representation of the rebound against the lower trend line of a