Since the Hunt brothers tried to corner the silver market in 1979 where silver peaked at 50 we saw a second drive to the 50 mark in April 2011 and again this resistance proved to strong to overcome and the following decline to just below USD 12 pr. ounce has been tough on the silver traders, but from a technical perspective we have a very interesting bottom formation developing aka a Cup With Handle and to be honest a giant formation. The formation will not be triggered before resistance at 50 is overcome, but once this happens we can look forward to a rally near 100 and possibly even higher, but only time will show.
Short-term, we would like to see a break above minor resistance at 29.86 that will open for the next part of the rally towards key-resistance at 50.
