Silver

Here is an hourly chart showing pit and electronic trading in September silver futures. I last commented on this market here.

As you can see the market has moved visibly above the 1088 resistance level I cited in this morning's guesstimate. In doing so it shows a decisive breakout above the double top at 1074 which I have drawn on the chart.

This tells me that the 945 low (in the July contract - September's low was 954) ended the break from 1520 and that the two to three dollar rally I had been expecting is already underway. My upside target for this rally is 1272 which is the 3 and 5/8 multiple of the 1991 low at 351.