Silver finally pushed past the resistance line erected by the bears near the $30.50 level as news surfaced early this morning out of the UK about its inflation rate. It is currently running into some resistance just shy of $31.
It should see some additional buying come in down near $30.50, the breakout point, if it dips lower. That is the first level of chart support. If it does, it will be signalling a move past $31 and on towards the recent peak near $31.25.
If it cannot hold $30.50 on any downside move, the next level of chart support is just above the $30 level.
Volume on the upside thrusts continues to be strong which is friendly. We will want to continue watching this however for any signs that the bulls are wavering. I would like to see the early hours into the pit session to move above 25,000 to really goose it higher.
"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput
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