Silver support held, may cause a rally.

Major support spike low from September at the 21.35 level held once again today which could set the stage for a rally near term. Resistance is at the 22.65 level and if this breaks we could see the upper end of the range towards the 200dma tested in the coming weeks. Silver and gold both have been underperforming, but with the DXY reacting lower following the FOMC decision today, the risk is for a bounce near term.

Blake Morrow