As we suspected yesterday, prices recovered after putting in a Spinning Top candlestick above support in the 1,532.45-1,522.50 area, marked by the Sept. 26 and Dec. 29 spike lows. Buyers cleared the 23.6% Fibonacci retracement at 1,560.98 to challenge the 38.2% level at 1,582.10, with a break above that exposing the 1600/oz figure and 1,616.23. The 1,560.98 has been recast as near-term support.
Spot Silver (NY Close): $28.04 // +0.82 // +3.01%
Prices are recovering from support at 27.06 to challenge resistance in the 28.43-70 area marked by a former support level and the underside of a previously broken falling channel set from early March. A break above this barrier exposes 29.71. Alternatively, a push through support exposes the 26.05-15 region marked by the September 26 and December 29 spike lows.