The market sold off today at the start after it consolidated for over 12 hours through time. The bottom came one penny from where the rising five day moving average was and then this sell resulted to become that of a failed move which has resulted in a fast move higher.
The battle is showing to be lost by the 20 day/VWAP/50 Day that i was talking about on this blog this week. After silver first reached the 20 day/VWAP levels it had a tiny retracement. I was stating this could either be bullish or bearish and has appeared to be bullish. The reason is because after an area that is supposed to be resistance becomes so and then corrects either through price or time, it then increases the odds of taking it out. Thus these two levels were taken out and the market went right up to the 50 day average. Found a little resistance there and is now above this level. Whenever a chart is above any rising moving average for a decent period of time and then falls below it for a brief period this becomes very bullish. The next key resistance level is now up to Fiboncci. Within' the lows of $26.30 and the highs of $31.28 the 61.8% level is $29.38. Also the $29.33 level has been very big in the past and would expect this area to be an area the market may stall for a bit on any rallies that happen to come on Friday.