March Silver – The January 3rd reversal date triggered a significant reversal after March Silver futures posted a new multi-year high on Monday, January 3, 2011. Tuesday’s session began with a lower gap opening and the market continued to fall under heavy selling pressure, dropping $1.80 before making a slight rebound into the close. This price action could prove to be a significant reversal in Silver, but it is too early to tell. I believe Silver can experience a corrective rebound into the sell zone—between 30.25 and 30.45—where I will look for a signal pattern before taking any new position.
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