We knew (as well as advised readers) that silver breaking its 5 day cap at $35.60 this morning was significant, and there was little resistance above $36, but silver's move today has been down-right impressive.
While I've typed the above paragraph silver has just traded to and through $37, with a last of $37.03.
With the current action, a close today above $36 appears all but a lock, with a close above $36.50 fairly likely. This is massively bullish for silver. Barring any extreme dissapointment tomorrow from The Bernank's Congressional testimony or the LTRO details, silver looks ready to make a run to $40.
![Live 24 hours silver chart [ Kitco Inc. ]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_s0bqYmqyY1dEYzvLsQ9WjSVJIh9WYwDWxwFtZtgw4eTTsRBEJIuOEJ14lc9JIwPtjlTXFwdT-UBAYy70x9m0sUPPIb87tXwIgxrpHMguk=s0-d)
While I've typed the above paragraph silver has just traded to and through $37, with a last of $37.03.
With the current action, a close today above $36 appears all but a lock, with a close above $36.50 fairly likely. This is massively bullish for silver. Barring any extreme dissapointment tomorrow from The Bernank's Congressional testimony or the LTRO details, silver looks ready to make a run to $40.
After 3 days of capping...we have a disorderly explosion to the upside in silver.
Gold's action today has been just as beautiful, with a classic Swiss-stair pattern clearly evident on the daily chart.
![Live 24 hours gold chart [Kitco Inc.]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_sNaVMS-640jHHsMdPQxVM6Z17_Rt3OkMkRZPqlY0BsuScE1pmD3TdA-WWkW1DaDTWZ9kzUvWvfiO2TO4t7PjItKUjGfm4U4WpCer1w=s0-d)
![Live New York Gold Chart [Kitco Inc.]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_saVuucYaehJqMo4Jqy4jIKMCc-aphDo1DqDtMLncBcLrAUNP2FUfFM7SDFdSkylbejFdfOkha3KVuoYDMUHErnlhaIcBgn-pYKJQu7Ug=s0-d)
One or two more stairs and gold will be above $1800 and off the races. Once gold clears $1800, look for a similar move (capped at the daily 2% obviously) to that silver is experiencing today.