In the chat room just now, a subscriber queried me about Silver’s chances of reaching $50 an ounce. I responded as follows: The long-term pattern is too obvious to deliver precision, but even lousy patterns can work in two ways: 1) generating profitable ‘mechanical’ entries; and 2) revealing trend strength at the midpoint. In this case, the monthly chart has provided no pullbacks sufficient to trigger a ‘mechanical’ bid, and that is bullish. But the year-long struggle at p=32.350 is a somewhat bearish offset. On balance, I’d say the odds of reaching the 53.06 target are about 60%. If the bull trend is going to fail, however, p2=42.705 would be a logical place for it to happen
SIU25 – Sep Silver (Last:40.911)
