Silver USD

Using the SLV for illustration purposes only. We have had a nice gap up this morning in the SLV and there really isnt any resistance now until 38. We should get there fairly quickly, that level marks a point where are ot of pain was felt and it will be a ough mark for Silver to get through so keep an eye on that to take some profits if you bought at 32-33 because we will certainly get some downward action from there.

Keep an eye on the USD, its rapid ascent is starting to taper off, however it is firmly above the 50dma and metals continue to rise, still no clue why?

Hourly chart of the UUP dollar ETF shows that the angle of rise was initially steep over a few days off the bottom and then consolidated for 5 or 6 days gapped up and the gap is now failing, this could have been the last ho-rah, but remember it still has support at the 50dma so its not going to go straight down. The metals strength could be a signal those folks are betting the dollar goes down?