Earlier in the week, December Silver turned its main trend up on the daily chart with a rally through the most recent swing top at 33.10. This morning the market is demonstrating another sign of strength by regaining an uptrending Gann angle at 33.51.
Daily December Silver Pattern, Price & Time Analysis
Based on the main range of 44.30 to 26.15, expectations are for a minimum retracement into the 50% level at 35.22. If the rally can be sustained then the 61.8% level would be the next upside target.
Downtrending Gann angle resistance drops in at 37.42 today. Coupled with the 61.8% level at 37.37, forms an important resistance cluster and possibly the next upside target at 37.37 to 37.42. This configuration suggests there may be an attempt to reach this level within the next two days.
