SIH11 – March Silver (Last:27.880)

March Silver (SIH11) price chart with targetsThe futures were working on a promising impulse leg around 2:40 a.m. Monday, but in this case I’d prefer using Fibonacci levels rather than  pivots to assess their progress, since the minor abc rally is likely to be spent by morning.  Specifically, a close above 28.280, representing a 50% retracement of the decline from last Wednesday’s 29.490 high, would imply that bulls are fixing to take charge, at least for the near term.  More bullish still would be a move above the 0.618 Fib level, 28.570.