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The silver futures broke through their short-term downtrend a month ago and have since surged to the upside, easily overcoming the May and the July 2008 highs. The decline in February held at important Fibonacci support we discussed in late January when we reviewed the metals. There are Fibonacci projection targets in the $22.50 area, while the upper trading channel is now in the $23.30 area. The major 127.2% target is just above $25.
Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.
