Silver is destined to go higher
New York (Feb 24) Silver went above the 21.50 level which is the 61.8% retracement level of the 30th Oct.-3rd Dec. decline and also coincides with the 161.8% extension level of the width of the trading range between 18.85 and 20.50. Currently the metal is trading in a sideways mode between that key barrier and the resistance of 22.00 (R1) which lies near the 200% extension level of the range’s width. One would expect the price to overcome the 22.00 (R1) barrier, since the recent sideways path of the white metal seems like an ascending triangle. Such a break may target the 261.8% extension level which coincides with the 100% retracement of the 30th Oct.-3rd Dec. decline, at 23.00 (R2).