After consolidating for the past several weeks, the market's cyclical momentum is breaking higher in pre-market activity. As a result, silver's "flagging" action of the past 4 sessions is about to produce the next price surge. Should SLV hit our 1/3 risk/reward target of $18.44 in the coming days, we'll only advise that you take some profits and allow a core position to run over the longer-term. Our volatility-based trailing stop is currently $17.42; however, we'd expect this to adjust higher rather rapidly if price begins to rally as expected.
For reasons we quantified for readers last week, this cyclical momentum breakout carries bullish implications for the benchmark S&P 500 over the near-term.
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