Silver Natural Trend Line

Larry Pesavento: ‘Notice the recent lows in the silver market for the past few weeks. Each low has been a 61.8% retracment of the previous swing low.  This phenomenon sets up a natural trend line of higher lows that held until the last 61.8% retracemnet failed at the $33/oz level.  What is also important to the technician is the fact that the rally following the break of the 61.8% level stopped once again at the exact high of that rally which was near the $33/oz level.  The next piece of the puzzle will be in play if silver can retreat to the major 61.8% level of the last major low @ $29.83/oz.’