June 19, 2024 - (Gold Market Wire) - As the market settles down into a non-volatile posture (for now), we take a look at the retracement levels - the "Fibonacci" numbers - to shed some light on the proceedings.

Once again, despite the critics' cries, we can see some order in the pullback. A whole cluster of bounces off the 23.61% level. Monday and Tuesday almost look like a reversal pattern, but we will take that with a grain of salt for now. Moreover, before we get excited about any potential reversal towards higher prices, we will have to see Silver get a bit more decisive than it has been. Right now it is struggling to get over the horizontal resistance. It has been turned away for 7 sessions on the trot. That is making us cautious.

Not a market for trading, in our view. Trading relies on decent trends. For now - we're stuck in a no-man's-land - awaiting resolution.