SIZ10 – December Silver (Last:19.42)

December Silver (SIZ10) price chart with targetsOn Monday, silver resumed its recent upsurge after a pause, and it appears bound for 19.655, a midpoint pivot whose sibling “D” target is 20.45.  Silver bugs have been through some rough times since the metal made its bull-market high of $21.44 back in early 2008.  That high, rather than herald the long-awaited Final Squeeze of the concentrated cartel short-sellers, gave way to the shocking decline to $8.40 per ounce.  The action in the silver market since last Tuesday looks a lot like buyers buying and short-sellers covering, and the question arises as we look at the long-term chart: is silver going to make a massive double-top, or isn’t it?  If not, it’s probably going much higher than $21.44, and it might do so rather quickly.  $21.63 would probably qualify as double-top material, but a meaningful break above that “D” target will be a key signal to watch for.  In the meantime, silver appears bound for 19.655, with 20.45 as the next stop if the rally continues.  The pattern is presented without comment in the attachment.  (Posted by Doug McLagan)