Has Silver Finally Hit Its Bottom?

silver investing
Written by Mike Hammer

Silver traders saw a bounce off 14.70 Monday.  Silver was falling heading into the NYMEX open, and in a reversal of recent patterns, it actually headed up instead of down. So the 14.60 low set on May 2 remains the current near-term low. The short-term chart still shows silver in a downtrend using common technical analysis – but what about the more complex methods?

Your friendly Gold Enthusiast will weigh in with his thoughts later this week. Today we feature a look at silver prices using  Fibonacci analysis, which may give some insight into the current situation and the coming months. Like Elliot Wave, Fibonnaci uses a long timeframe to look at “waves” in the price action, on the theory that while history may not exactly repeat itself, it often rhymes.

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About the author

Mike Hammer

Mike Hammer has had a wide-ranging career, with trading and investing as continuing themes. Mike graduated with a business degree and spent years as a financial advisor, before moving to New York and to pursue a career in IT and education. For more than a decade Mike has been working with the Adam Mesh Trading Group as a stock market and commodities mentor. He’s trained over 200 individuals, spoken at several national conventions, and is a frequent contributor to educational webinars.

Mike writes The Gold Enthusiast daily newsletter, runs the Golden Hammer trading service, and participates in the Mesh Private Portfolio. He also keeps a position in international education which keeps him in touch with "the student mindset".

Mike focuses on the precious metals markets, the energy industry, and the financial sector. His motto is "Plan your trade, then trade your plan!"

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