Silver Poised to Move Higher

Although the action in spot silver is a bit uneventful, the near-term technical picture and set-up remain relatively positive, and argue strongly that spot silver is poised to move higher into the 42.80-43.20 target zone.  This bodes well for traders of the iShares Silver Trust ETF (SLV).

At this juncture, only a decline that breaks and sustains beneath 41.10/07 will mildly compromise the developing pattern, while weakness that slices beneath 40.00 will inflict more serious damage to the near-term technical set-up.