The advance on the daily Silver chart has completed an 11-week rectangle bottom. This is the first significant bullish signal in Silver since the advances in September 2010 and February 2011. The pattern target on the daily chart is 22.00 — a price already being approached.
Further targets are possible, including the August 2013 high at 25.12 and the 2011 and 2012 lows at 26.15. These levels can be best seen on the weekly and monthly charts. I believe the supply at 26.15 could curtail the Silver market in the forseeable futures.
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