Silver is taking a well-earned breather after ascending from 15.51 to 18.50 in the first three weeks of January. This amounts to a 20% rally, and although it was punctuated by a couple of stalls, buyers at least kept plugging along in the right direction. There was unfinished business at the end of their trek, however, in the form of an unachieved target at 18.755 (see inset). This is not necessarily fatal, but it is sufficient to raise a yellow flag. We’ll monitor the pullback closely, looking for signs of incipient strength. Most immediately, it would be evident in a rebound from the p midpoint support of the pattern shown.