Silver firmly bullish, aims at new highs

Silver rallied alongside gold last week. The consolidation seen for the last 3 weeks as the market had grown exhausted after the very strong gains in January, now looks to have passed. Last week’s advance took silver  price above last October’s high.

In addition, the market confirmed a bullish inverse head and shoulder formation. This trading pattern is a sign that sentiment is positive and the upwards bias is going to last some time. Gains are now expected to $38.00 dollars and even towards the $43.25 high from September last year.

Global asset market gains and search for capital performance also helped to lift the market. Volume continues to increase reinforcing confidence in recent gain.