With Silver getting torqued for a shot at 37.300, our short-term target, perhaps it’s time to introduce the next: 39.620. This looks like a bit of a stretch, literally, on the hourly chart (see inset), but it is certainly no more implausible than the nearly correctionless, synthetic rally we’ve witnessed in the broad averages in recent months. Boarding a trend that by now has attracted so many bulls will always be tricky, but it is nonetheless possible in nearly all instances to cut risk down to size by employing camouflage on the very lesser charts. In this case, and as of this moment, Silver has just breached a minor peak at 36.160 equivalent to the one that I’ve flagged in today’s Gold tout. ______ UPDATE (2:06 a.m. EST): After popping a few ticks above 36.160, Silver fell 33 cents without tripping any bullish entry signals. Action remains too nervous at the moment to offer any easy opportunities.
