Silver managed to hang on to $26, a level which was crucial for silver to be deemed ready for a rally. Bix Weir came out mid-day and predicted we've reached the end of this round of silver manipulation and for the most part we agree with his prediction short-term, but as noted in a previous post, a close above $28 is the indicator we are looking for to confirm we are out of the woods. Please also remember, when it comes to manipulation, technical analysis has limited usefulness. One of the most concerning pieces of legislation coming out of the CFTC recently was just detailed here on SD and leaves open the opportunity of a manipulation frenzy until at least May 31st (see CME/COMEX Grant JPM Temporary Waiver for Reporting Positions Exceeding Speculative Limits).
Here is a chart put up on SD this afternoon reaffirming the technical strength displayed by silver.
