We’ll stay on high alert as March Silver ascends into thin air. Like gold’s chart, the overall impression this one creates is of heavy distribution since last spring. A telling feature is the failure of the rally in early February to exceed mid-December’s ‘external’ peak. That would have created a robust impulse leg, but it ultimately took another pullback and a running start to get it done. The short-term picture turned somewhat bearish with Friday’s close beneath a midpoint Hidden Pivot support at 32.895 that had previously contained the downtrend from the Feb 14 high. Accordingly, you should look for more slippage to at least 32.450, or to 32.005 if any lower.
SIH25 – March Silver (Last:33.012)
