The 24.78 rally target we used last week is still in play, but the futures may have done too much consolidating over the last several days to suggest they will be satisfied with a mere 53-cent move above Friday’s close. If they pop above it we can use a larger, far more ambitious pattern that projects to as high as 34.67. First the futures would need to achieve p=28.30, a minimum upside projection that became viable on this chart back on October 9. The futures have not tripped any opportune ‘mechanical’ buying signals in a long while, but for now we’ll take the optimistic view. ______ UPDATE (Dec 9, 8:25 p.m.): To avoid mental fatigue, I’ve suggested averting our eyes for a day or two in gold. I’ll now suggest doing the same in silver. _______ UPDATE (Dec 12, 6:03 p.m.): That felt pretty good, actually. This time, let’s try averting our eyes for an entire week. If the futures break down, p2=20.68 will the the first stop, and then D=18.82 (daily, A= 29.38 on 9/1). ________ UPDATE (Dec 15, 5:53 p.m.): Today’s rally generated a robust impulse leg on the hourly chart that portends a test of last week’s highs near 25.00. If they are easily surpassed, look for more upside over the near term to 26.66 (60-min, A=22.04 on 11/30; B= 25.015 on 12/8).
SIH21 – March Silver (Last:24.63)