Silver and gold have not quite gone their separate ways, but the latter’s chart looks much more bullish. May Silver came close to triggering a ‘mechanical’ short last week when it rallied to just shy of the green line (x=33.534; the stop-loss would be at 34.57). Regardless of whether it gets there, the burden of proof will be on bulls to sustain altitude. Returning to the secondary Hidden Pivot (p2=32.481) would almost surely grease the skids down to d=30.455. _____ UPDATE (Mar 12, 4:53 p.m.): Silver has taken a big leap this week, but let’s hold the bubbly until such time as it pushes above 34.085. That’s equal to an external peak recorded on Feb 20 whose breach would generate a fresh impulse leg of daily-chart degree. In the meantime, assuming today’s 33.815 high is not exceeded first, you could buy a pullback to 33.230 with stop-loss as tight as six cents. _______ UPDATE (Mar 14, 7:49 a.m. EDT): A Hidden Pivot at 35.565 is the next logical rally target in my sequence, although a bigger picture yields 36.605 as a possibility. If I stretch all the way back to the 2008 low, I could see 42.705, or even 53.06. But no higher. These numbers will not be accurate to the penny because my coordinates come from ‘blended’ composite charts.
SIK25 – May Silver (Last:34.695)
