Silver stalls at the 76.4% Fibo

Silver retraces on the daily chart to the 76.4% Fibo zone of the fall from the 18.00 level to the 16.00 level. The price broke above the 76.4% Fibo momentarily, but then it goes back down to the 61.8% Fibo. On this same chart we can see how the 61.8% Fibo has acted as a support and how the 76.4% Fibo has acted as a resistance. There is no clear direction on Silver until it breaks the 76.4% to the upside or the 61.8% to the downside. In the mid-term, the 18.00 level continues as its most important resistance and the 16.00 as support. Below the 16.00 level we can also see the 200 day EMA, which could also contribute for that area to become a good support.