Nowhere was the euphoria crushed harder than in Silver. We’d like to see price close above $48.50 to preserve the uptrend. The old pivot line may well come into play at 45.00 and we wouldn’t expect price to break below $40.00.
For those new entries to the Silver market, and there are lots of them, Silver can be in a world of it’s own and oblivious to how Gold trades.
We were glad we scaled out 50% of the initial position as it gives us plenty of options if price gets near to $40.00.