Comex Silver hasn’t exactly shredded the midpoint resistance of the long-term pattern shown in the monthly composite chart. However, it has frolicked and danced there, suggesting that although bulls are in no great hurry to take the futures to as high as $53, they are determined to get there eventually. The target may not seem spectacular, and there are undoubtedly silver bulls hoping for a doubling of 2011’s $50 top. That could still happen, but probably not before a lengthy and deep pullback from 53.06. First, let’s allow bulls to turn the midpoint resistance into support with a patient consolidation above it. Use 36.605, or 37.305 if any higher, as short-term rally targets. Both should evince a tradable pullback.
SIK25 – May Silver (Last:34.433)
