March Silver has moved into a thicket of prior peaks, but there should be little doubt it will surpass them and head unhesitatingly toward the 27.16 target shown. The December contract we’d been tracking has stalled at p2, but the equivalent obstacle here has been exceeded on a closing basis, attesting to the power of the move. The big pattern has yielded up just one ‘mechanical’ buy so far, but the rally has steepened since, suggesting that a swoon to the red line, never mind the green one, to set up a ‘mechanical’ buy is unlikely. In practice, this means we’ll need to find a reverse pattern on a chart of small degree to get long enroute to 27.16.
SIH24 – February Silver (Last:25.857)