Wednesday, December 29, 2010

12.29.2010








Silver market has made some nice gains
over the last two days and is looking to extend them. The key spots for future resistance is the $21.40 level on the 685.4% on the late 90s/early 2000s range of $4/$8. The range from $25/$29.33 is $32.00 on the 161.8% level. Those seem as if are extremely likely to be tested either by the end of this week or early into the new year. What we need for confirmation is the 38.2% fibonacci to hold which is currently set at $29.68. This number will keep rising as the market makes new highs. This uses the last significant low of $28.00. The bulls remain in control of price action as we are close to heading to much greater gains. For the gains we have had in the last few months is showing conformation on the super long term time frame for that grand move many silver bugs are awaiting.

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