SIH11 – March Silver (Last:28.725)

March Silver (SIH11) price chart with targetsSilver fell more steeply than Gold yesterday, but the net effect is to leave us with two targets that can help us gauge sellers’ mettle.  Using an intraday peak at 30.00 made on the way down, we are able to calculate two obvious supports:   27.600, and its sibling midpoint at 28.360.  An easy penetration of the latter would shorten the odds of a finishing stroke to the former.  It is mildly bearish for the short-term that yesterday’s peak fell so far shy of a mildly compelling, 31.545 target, but one could argue that it has not yet been negated. Please note that a trendline connecting some key lows on the hourly chart allows for a pullback to as low as 27.00 or so.