SIH11 – March Silver (Last:28.795)

The rally is getting close enough to the November 9 peak to taunt it despite a news environment that has offered little in particular to catalyze a strong move. If Silver takes the inevitable leap past 29.405 today with a flat dollar as backdrop, the target at 30.465 given here earlier will become an odds-on play for the near-term.  And if that Hidden Pivot shows little stopping power, look for the rally to continue to at least 31.545.  Look for camouflage opportunities on the two-minute chart, referencing a look-to-the-left peak at 28.955 as perhaps the last “easy” spot to board. ______  UPDATE (12:24 p.m. ET):  Helped by a weak dollar, the futures pushed to within a few pennies of the 29.405 peak. This is not the most bullish action we could have imagined, but it does keep the futures well on-track for a run at the two targets given above.