Silver hasn’t made nearly as much headway as gold in recent days. Although the latter pulled back to a midpoint pivot Monday ahead of a presumptive strong push higher, March Silver has yet to even reach that threshold. That would require a 53-cent thrust from these levels — quite a move merely to reach the starting line. In any case, while there is immediate upside potential to as high as 18.710, buyers will have to prove their mettle first with a decisive push past p=17.110. By ‘decisive,’ I mean to imply at least 5 cents, or 17.160. Night owls looking to get ahead of the move should note that the very minor pattern shown at the right-most edge of the chart tripped a buy signal at 16.510, and that the 16.590 mipoint resistance associated with it has already been exceeded by 5.5 cents. This would imply a follow-through Monday night to at least D=16.750, but anything significantly above it would add to the likelihood that p=17.110 of the larger pattern will be achieved. ________ UPDATE (January 15, 11:57 p.m.): Silver has fallen well behind gold, having spent the last three days dawdling at the 17.110 midpoint pivot identified above. My short-term forecast for gold is bullish, but it remains to be seen how far it can get with silver tugging so hard the other way. ________ UPDATE (January 18, 7:08 p.m.) The futures have pulled back after spiking on the opening Sunday night to 18.025. The 18.710 target is well in play, but you should be prepared for a pullback to as low as the 17.110 midpoint pivot noted above before buyers can complete a bull move signaled in the first week of January.
