Some Crucial Benchmarks for Silver

The rally pattern shown, with a Hidden Pivot target at 18.260, was so clear and compelling that we should assume that because the futures exceeded it decisively, they have sufficient energy for another leg up once the current correction has run its course. The more quickly this occurs, the better the odds that the next upthrust will take out the key high at 19.120 recorded on election night. That’s a very important benchmark, since any rally that exceeds it would put a 22.024 target in play. (Note: I don’t expect that number to work perfectly precisely as resistance, since it comes from a blended weekly chart.) If you don’t subscribe, click here for two weeks' free access to Rick's Picks, including daily, actionable 'touts', round-the-clock updates, impromptu tech analysis sessions online, and a chat room that draws experienced traders from around the world at all hours of the day and night.