Silver soars overt 5% on Thursday

LONDON (Aug 15)  September silver futures prices closed nearer the session high Thursday and hit a fresh nearly three-month high. Bulls have gained solid upside technical momentum the past week. Bulls have the near-term technical advantage. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $24.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $21.00. First resistance is seen at Thursday’s high of $23.19 and then at $23.50. Next support is seen at $22.75 and then at $22.50.

Likewise spot gold was up strongly by $26 to $1366/oz, while platinum jumped nearly $22 to $1525 and palladium jumped 3% to $764.