Silver Mid Week Update -- Wednesday

The break of the red channel line this week has so far spurred a rally back up towards the lower red line ---and that has become resistance ----circa 35.00-35.50 for today. Suppoort is the 34 dollar area and yesterday's lows. Key support is the dotted trend line near the 33 dollar area. It would seem a test of that area is in the cards ---- but with silver's strength ---any good news out of Japan could also be a catalyst for a rebound. For now --- yesterday's low seems like first support ---- but the dotted trend line is a stronger area. Its best to remain cautious at the moment. Short term Cycles are due to bottom at weeks end or early next week. The longer term trends are certainly up ---- but the very short term may still have one more move to the dotted trend line. That lower red line is key resistance ----and the dotted line support.

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