The Fifty day moving average on the silver chart priced in Euro currency was taken out with this current rally. On its first test as resistance on this moving average it was resistance for a short period of time without much price correction. Since that point it has gotten above this level and it's an area to look for within' support
Where will Support be Found?
Some areas to look for to have support into the next week are the following spots:
a) Five & Fifty day Moving averages
b) 38.2% and 61.8% levels from the breakout and the high. On USD Silver Spot this would be $18.36 and $18.74. If we make new highs, then these numbers would have to be adjusted accordingly.
c) Previous resistance. One number works huge here and this is $18.60
d) VWAP from the breakout on Tuesday.
This weekend i'll go over more charts and the levels for the VWAP and moving averages which are constantly moving.
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