Silver has rocketed through $41 on the open of Monday Asian trading, last touching $41.22. At this pace we'll be well north of $42 by the time Blythe gets to work Monday morning. We still expect a retest of the old resistance level near $38 at some point, likely this week. This level would need to hold in order to establish a new leg higher with the resistance near $38 turning into new support.
We will be watching the action in the dollar closely this week as well. The buck is at risk of an intensifying sell-off after last week's horrendous close below 75. If the dollar does not immediately regain the 75 level and hold it through Monday's session, it will soon be re-testing its all-time lows near 72.
