As the market opens,
#silver blasts through its 200 day moving average. It is now quite clear that it is consolidating in a falling wedge formation, albeit not as steep as some (including me) have suspected. This confusion is due to the very long wicks of its prior bottoms, which allow you to draw the line in several ways. This is a good example why technical analysis is not a sure thing. Silver still has a long way to go until it breaks out of this pennant, at about $78 an ounce. But at the current rate it can do that rather quickly.
I will conclude by saying that gold and silver are again rallying for the wrong reason, this time the apparent agreement with Iran. Precious metals are first and foremost inflation hedges, and due to the rising price of oil, the conflict in the Persian Gulf should have been beneficial to them. I don't mind seeing their prices rising, but I wonder when will Wall Street get the memo.