Silver futures rallied alongside the rest of the precious metals to move within striking distance of the $35 per ounce level by the close of the session. The broader strength in precious metals helped to underpin the technical strength seen on the silver chart. Autochartist has identified key resistance near the current price, in the form of the Ascending Wedge chart pattern show here. The pattern is shown on the 240-minute candlestick chart with the major low near $26 per ounce providing the starting point for rising trend line support. Resistance was first established at the beginning of December and then again just last week near $34 per ounce. This $9 per ounce range between the top and bottom of the Ascending Triangle will have traders watching closely for either an upside breakout or a key failure of support with an ensuing sell-off.

A move above $35.00 in the near term is needed in order to generate a buy signal and forecast for higher prices from here. If this occurs it may be seen as a strongly bullish acceleration of the rising trend. Profit-taking here would likewise send the market lower and threaten to break the trend line near $32.80 to generate a sell signal.

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