http://www.goldtrends.net/Silver prices bottomed at the London open on Tuesday and rallied up into the New York session where another pullback to the 35.70 area took place. On the chart we can see that the pullback so far is just a test of the upper red channel line. Support lies at the 35.40-35.60 area and as long as price can hold above 35 ---- another attempt at the 36.00-36.17 area should be in play going into the close. Key support remains the lower red channel line at the 34 area. As long as price is above the upper red trend line ---- the potential for new highs this week is still in play. Shorter term cycles are in the weaker portion of their phase but with prices in this mode ---- its best to favor price until we see weakness. Look for a bounce attempt back above 36 going into the close where first resistance should be 36.00-36.17 Moves above the Monday would retain the bullish short term outlook. In summary -- silver and gold are consolidating their gains from Monday ---and testing their first level supports. The trend is up ---- but a bit more cautious than last week.
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