Silver Chart - 4 hour

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.