/SI (silver futures or SLV, silver ETF) is already up over 4% since yesterday’s entry off the lows & coming up on 23.73ish price target where a reaction is likely before the next leg up. I’ve added an additional price target around 24.85 to the updated chart below (2nd). Previous (yesterday’s) & updated 60-minute charts below.
SI 60m Jan 11th
SI 60m Jan 12th
Here’s a 60-minute chart of SLV for those that prefer ETFs over futures with SLV coming up on 21.57 price target where a reaction is likely before the next leg up. Reaction or not, I still favor more upside in the precious metals & miners in the near-term. Also worth noting is how well the indirect hedge to any equity shorts is playing out with silver (my preferred trading proxy when bullish on the metals) up over 4% since yesterday’s entry vs. just over a 1% lift on QQQ for a net gain over over 3% on the paired trade so far.
SLV 60m Jan 12th