SLV daily Jan 21st
SLV (Silver ETF) hit the second & final short-term swing target today. That tag of resistance also corresponded with a kiss of the top of the ascending broadening wedge pattern that was first discussed in the January 9th Precious Metals & Commodities Outlook video.
Once again, I would like to reiterate that I remain longer-term bullish on gold, silver & the mining sector but in light of all of the major precious metals making an near-term overbought run into resistance over the last day or so (the PPLT/platinum long trade also hit T1/resistance yesterday), we may continue to see some additional profit taking and/or sideways consolidation in the miners before a solid resumption of the uptrend. More active swing traders might consider booking partial or full profits and/or raising stops on SLV while longer-term traders & investors might consider raising stops at this point and strategically adding to their metals and/or mining positions on pullbacks to support.