Silver rally may be capped above the $25.50 level near term.

Silver is in an ascending channel, but the silver market also found resistance at the 61.8% Fibonacci resistance level at the $25.34 level. The spike above there did not last long as we may be nearing channel support at the $23.50 level soon. A break of the channel would put the trend lows at $21.59 back in play and if broken, the 200dma would be next below the $20.00 level.