LOONIE SILVER ON THE RISE

Silver priced in the royal currency of Canada is about to test the key 38.2% fib retrace of the descent from the April high. Breaching this level would open the doors for an upside attempt at the $22.10 - $22.21 resistance (blue dashed line). After that, the price action can play out in several ways. For now, if those trend lines stand true ... silver will be just under 25 loonies in mid-January. Shortly thereafter, the highs of September, 2016 will be in sight as the CUP N' HANDLE pattern unfolds.