Last week, I reported that silver was in the process of a retest of the prior "break out" level at $30 per ounce. Weekly Silver Report - The RetestSilver has had a great run to the upside breaking a multi-year Resistance level at $30 per ounce. It is not unusual after such a nice run for silver to take a rest and a retest. Silver remains in an UPTREND. An UPTREND is defined as a series of HIGHER HIGHS and HIGHER LOWS.

This weekly report is coming a little early due to recent market action. Last week, silver breached a $30 per ounce barrier that had been in place for several years.Last week I wrote:Weekly Silver Report - From the Churn to the Burn

Last week I wrote the following:Weekly Silver Report - The ChurnAt the end of this week the Bulls took control and blasted through the $30 per ounce barrier. Silver remains in an UPTREND. An uptrend is defined as a series of HIGHER HIGHS and HIGHER LOWS.

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Welcome to the "churn" in the silver market.It seems that although silver remains in an UPTREND, neither the bulls nor the bears are in charge.An UPTREND is defined as a series of HIGHER HIGHS and HIGHER LOWS. In order for the Bulls to take control, silver must break above the prior HIGH of $29.91 per ounce.

Although it may not feel like it, silver remains in an UPTREND. An UPTREND is defined as a series of HIGHER HIGHS and HIGHER LOWS.Currently, silver is in a "pullback" phase after a nice run up. If silver dips below the prior low of $24.42 then and only then will the UPTREND be negated.