Silver had looked like a good bet to negate the bearish pattern shown last week with a push above C=24.95, but buyers couldn’t muster the extra ounce of lift it would have taken to succeed. Instead, they ended on a weak note, albeit less beaten up than gold. There’s not much to say at the moment, but we should set a high bar before allowing ourselves to get excited over the next rally, however it plays out. In the meantime, use p=22.65 as a minimum downside target. Please note that I am not suggesting a buy there, since that would not be a legitimate ‘mechanical’ set-up.
SIZ21 – December Silver (Last:23.95)