Silver Blasts Through Resistance at $38, Targets $40

Silver worked strongly higher throughout the overnight session, easily clearing resistance in the $37.80-$38 zone, working all the way to $38.54.  Blythe is MIA today, as our manipulative friends have been noticeably absent. They have likely thrown in the towel and retreated to higher ground, as they can read a chart just as well as we can.
As we have been saying recently, a convincing move through $38 sets up a run to $40, where we can expect MASSIVE resistance by the paper sellers.  Blythe and co will throw out all the stops in attempting to induce a significant correction off of the $40 level. If longs can overcome this attempt and best $40 convincingly, we’ll see $45-$50 on this leg.