Silver Mid Day Friday March 4th Update

http://www.goldtrends.net/

We were looking for a pullback into the Thursday/Friday morning area in the metals and Thursday's pullback fullfilled that outlook. We commented last night on the website that the pullback in silver did not look bearish as it was shallow ---- and choppy and overlapping on the 10 min chart. Choppy and overlapping patterns is usually a counter trend move ---- indicating that the uptrend is still intact. As long as we close above 34.90 ----- the uptrend is still in play. On the chart we can see that last Thursdays low was a test of the lower red uptrend channel. The Thursday pullback was merely price bouncing off the upper red line. Note that today's high has returned to the upper red line ------ and that line continues to provide daily resistance on moves up. The 35.50 area is resistance ------- and the lower red trend line is short term support. As long as price is inside the channel ----- the trend remains up. There are short term cycles due that usually points to a pullback next week --- but with the extreme price performance ---- PRICE RULES ---and cycles are secondary. Closes above 34.90 keeps the uptrend looking favorable into Monday. The trend remains up.