We have multiple targets being reached this morning, and several more in the works. We’ll start with ES, which just tagged our SMA50 target in a backtest of the falling white channel from which it broke out two weeks ago.
The one we’ve been waiting on for what feels like forever, though, is silver. SI broke out of the falling white channel twice before it managed to tag our 30.35 target in January. But, as we discussed at the time [see: Hi Ho Silver]:
With the SMA200 crawling along toward current prices, we can’t discount the potential for a long overdue backtest.
We’re finally getting that backtest. But, given DXY’s breakout, we have to wonder whether SI’s backtest will hold.
We’ll update the prognosis for silver and gold and also sneak in a discussion of EURUSD, which officially reached our next downside target yesterday.
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