Elsewhere on the page, I’ve provided a worst-case target of 1105.80 for March Gold during the holiday period. The 14.920 target shown for March Silver is its equivalent. Silver is in relatively better shape at the moment, since, unlike gold, its downtrend has yet to breach the 16.125 midpoint support (shown as a red line in the chart). However, it seems more likely to me that gold will drag silver lower rather than silver bouncing from near these levels and pulling gold up. We’ll have to wait and see, but from a trading standpoint your best bet will be to look for mechanical shorting opportunities from x or p on the daily chart in the days ahead. _______ UPDATE (Dec 3, 12:59 p.m.): March Silver need only rally above 16.985 — the sooner the better — to turn a dismal daily chart promising. That price corresponds to an ‘external’ peak recorded Nov 22 on the way down.
