Can Silver Pull Gold Higher?

December 6, 2016

Although COMEX Gold offered no similar encouragement, March Silver’s rally on Monday was strongly impulsive, implying as it has that the futures are a decent bet to reach the 17.295 target within the next 2-3 days. Moreover, if buyers are able to push this vehicle just a nickel or so higher overnight, that would significantly shorten the odds the target will be achieved, perhaps as early as Tuesday night. A move above the red line is key, however, especially with gold futures in a funk.

For your information, I have lower targets outstanding for Feb Gold, the most immediate of which lies at 1149.40. If that Hidden Pivot support were to be breached by more than $2 (or so), a worst-case target at 1105.80 would be in play for the near term.

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