Silver - A beautiful fake out!

I didn't post on the precious metals earlier in the week as I was watching carefully to see whether the break down would be confirmed. I was more or less convinced that it would but then, as silver does so often, we got a fake out today in light of the 25bp interest rise. Just as I thought the price was going to collapse down to the next support line, it did the opposite and is now (as I type) flying north of the support line. So the fall this week was a fake out and support remains in place. The US market is not yet closed but the metals are looking strong with only a couple of hours to go. I'll stick my neck out and say that we are safe for the time being.

So as we view the diverging lines on the larger wedge formation we can see that silver must either break to the upside or the downside some time between now and the end of the summer which will confirm it's major trend. Given the number of potential black swans on the horizon, I think I know where gold is going, and where goes gold, silver goes faster. What I'd really like to see is a wake up in the mining shares now as they remain in the doldrums.

For disclosure, I'm not a professional advisor and this is not investment advice, merely my own observations of the market and indexes, so do your own research.