SIH10 – Comex March Silver (Last:16.630)

Silver’s hourly chart offers more clarity than Gold’s right now, and I’ve settled on a pattern with three single-bar coordinates to produce a 15.360 correction target. The midpoint support at 16.160 associated with that number has already been trounced, yielding a negative bias for the near term.  The bearish outlook would be decisively negated via a pop above  16.785 today,  but we can use a far subtler signal at 16.465 on the three-minute chart to tell us more speculatively when this may have occurred. _______ UPDATE (1:45 p.m. EST):  Silver is frisky today, but it lags gold and has not yet impulsed on the hourly chart. That would require a minimum 16.760 (versus a so-far high at 16.680), but we’ll raise the bar somewhat and stipulate that 16.970 be reached by Tuesday’s close to keep the good times rolling.

Tagged as: Comex March Silver, Forecast, SIH10