Silver’s rally accelerates after gapping up today and hits as high as 29.22 so far. The strong break of 27.91 resistance confirms resumption of near term rise from 21.88. Next target is 100% projection of 21.88 to 27.91 from 24.12 at 30.15, which is close to 29.84 high.
We’re indeed looking at resumption of whole medium term up trend from 11.67, as consolidation pattern from 29.84 has apparently completed at 21.88. Decisive break of 29.84/30.15 will confirm this bullish case. Stronger upside acceleration should then be seen to 61.8% projection of 11.67 to 29.84 from 21.88 at 33.10.
