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Silver closed this past week at the monthly closing highs back in 1980 (left chart above). If you wonder why Silver is bouncing around with such great swings of late, this could be part of the reason! See Miracle on Ice, another 1980 influence post (see post here)
Silver looks to have found resistance influenced by 1980 in the chart on the right, as it reversed trend once it hit the weekly highs reached back in 1980 and at the top of the rising blue channel.
On a micro basis, Silver is testing a support line that has been in place since last August (see inset above). Should Silver break this line, it would also break below the monthly closing support from 1980.
Support is still in place on a 9 month and 30-year basis…., yet If both of these support lines are taken out, the odds of a pretty sizable decline would vastly increase!
