March Silver has risen with more self-assurance than gold recently and lies within easy distance of a 24.32 target that has kept us comfortably on the right side of the trend, even during the 6% selloff that began the week. The target is derived from an ABCD pattern sufficiently clear and compelling to offer a high-odds short. Regardless, bulls should keep their fingers crossed, since an easy move through the target, especially if accompanied by a close above it on the same day, would add to the evidence that September’s low at 17.56 was the start of a bull market. Above 24.32, our next price objective would be 25.06 (weekly chart, A= 18.23 on 10/14).
SIH23 – March Silver (Last:23.68)