Silver has been lagging gold recently, but it would catch up quickly with a thrust today exceeding the 17.745 midpoint Hidden Pivot of the rally pattern shown. If the futures can get past that number easily, I’d make them an even-odds bet to reach the 18.665 target within the next 4-7 days. And if the rally exceeds that Hidden Pivot resistance to0, especially with panache, we could infer that a push to $20 or higher is in the works. Pivoteers may have noticed that the May contract was a fetching ‘counterintuitive’ buy on last Wednesday’s stab through the green line. Whether you did the trade or not, the thrust was reason to expect the rally to continue at least to 17.745. Let it happen soon, though, since each day buyers loiter, the heavier the rally will become. ______ UPDATE (Mar 21, 7:07 p.m.): The rally stalled precisely at the 17.610 midpoint pivot of a lesser pattern (click here) than the one noted above. If the futures push decisively past it on Wednesday they’ll become an odds-on bet to reach the secondary pivot (p2) at 17.800. That would be enough to refresh the bullish energy of the larger pattern noted above, with an 18.665 target. _______ UPDATE (Mar 22, 9:40 p.m.): The futures struggled in vain for yet another day to push above the 17.610 pivot. The pullbacks were relatively shallow, however, and that’s why a decisive thrust higher still looks like a good bet. _______ UPDATE (Mar 23, 8:17 p.m.): The futures finally pierced the 17.610 pivot decisively before dropping back to it. This is bullish, but not sufficiently so to celebrate, not yet.
