Silver jumps above $70 and finally meets and surpasses first technical objective

Previous updates on Silver (XAG/USD) noted how it was stalling around the $70 and had rejected a sustained move above that level and towards an important correction level at $70.56. The move higher this morning has been pretty rapid and dynamic. Earlier it was trading around $69 per ounce. The charge higher since the European stock market opening has seen it rise to $70.95 a shirt while ago. 

So, Silver has now met and surpassed a 23.6% correction of the $121.65- $54.77 fall, at $70.56. The next technical level in that respect is at $80.32 (38.2%) and so it has a long way to go before it might meet that one and not an immediately likely prospect. The surge in Silver this morning has taken gold higher with it, as the yellow metal rebounds to fresh session highs a moment ago, above $4,614. Silver is right now at $70.69