With Silver in the throes of a correction about to enter its fourth week, my immediate outlook is cautiously bullish. The December contract has already triggered the bottom-fishing trade advised in December Gold (see above), and made a so-far low at 30.490 that came within 7 cents of stopping out the trade. Rather than tying the two vehicles together, however, we’ll adopt a different perspective that implies Silver will fall to the 29.495 target shown in the inset before it can turn around. A decisive breach would imply more slippage to as low as 28.455, a number given earlier as my worst-case correction target.
SIZ24 – December Silver (Last:31.449)
