Thursday’s upthrust had subtle power, surpassing no fewer than three minor peaks without a pause. However, bulls expecting a quick second leg up got stopped out twice on successively lower lows. This weakness should be regarded as less worrisome than if the rally had simply sputtered out and died. Both gold and silver are waiting for a sign from the dollar, which has been their unrelenting nemesis lately. My short-term expectation for the buck is mildly bullish, but we’ll just have to wait and see. If the week begins with a Sunday night/Monday morning lurch above the 23.885 ‘external’ peak recorded last Wednesday on the way down, it would give bulls a good shot of reversing the nasty slide of the last five days.
SIZ20 – December Silver (Last:22.985)