(Source: TC2000.com)
As shown in the chart above, SLV continues to struggle with the $26.35 – $26.70 zone, and the price of silver has been unable to get through the corresponding $28.90/oz to $29.30/oz resistance zone. The good news is that the metal does not have caution bars (orange and red bars) as it approaches this strong resistance area for the fourth time in the past two years, suggesting that the next major test of this resistance level near $29.00/oz could lead to a successful breakout. This view is corroborated by sentiment, which is shown below.
