The December contract is trading exactly where it was a month ago, a situation hardly conducive to interesting or profitable forecasts, let alone dramatic ones. We ended last week with a cautiously bullish target at 25.02, but because gold futures looks slightly bearish at the moment, I’ll sync up my Silver forecast with a 22.82 target that is cautiously bearish. That’s the midpoint Hidden Pivot support of a pattern begun in mid-September that projects to as low as 19.94. Alternatively, a pop exceeding the 24.73 ‘external’ peak recorded on the way down last Wednesday would shift the outlook to short-term bullish, and a print at 25.23, especially early in the week, would put 26.40 in play for a finishing stroke. ______ UPDATE (Oct 19, 9:14 p.m. ET): I’ve had enough gratuitous nuttiness for the time being. I’m going to sit back and watch for a few days. _______ UPDATE (Oct 21, 11:59 p.m.): Like the updated chart in gold, I offer this one without much enthusiasm, although it looks a little better than gold’s. A pullback to the green line (24.33) would trip a ‘mechanical’ buy, stop 23.64, but I’d suggest an alternative entry set-up, since the initial risk would be nearly $3500 per contract.
SIZ20 – December Silver (Last:24.89)