Silver has now broken over the key 20.63 high (23/07/2013). This is a clear indication of strength and an early sign of an evolving basing formation. This move also constitutes a break higher out of the old trading range that we highlighted last week. A continuation of this recent strength is now anticipated.

A rise back towards the old floor and close to the 200 day moving average is now possible over coming sessions.

Daily Technical Report