The session is still young but the silver bulls finally appeared to have beaten back the defenders at $36 on good volume. Bears are attempting to stymie the move higher by digging in near $36.50. When the market dipped earlier and fell below $36, the selling dried up and the shorts were forced to cover.
That has emboldened the longs who are pushing and attempting to now take out the last refuge of the shorts here. A strong push through $36.50 sets the market up for a run towards $40 with initial resistance standing near $37.20 - $37.30.
If the market is going to break out it needs to hold $36 on any possible setback in price now that it has cleared that level.
"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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