Silver (a daily chart of which is shown) as of Thursday (5/05/2011) has dropped precipitously for five consecutive days from near its $50 area all-time high to hit a low just above $35. This deep correction follows a steep run-up that was in place since late January. The bearish correction has taken price down to the 61.8% Fibonacci retracement of the last major bullish trend run. For more silver technical analysis, please click here.
James Chen, CTA, CMT