However, the market is currently trading below the previous year's closing of
$70.603, warning that at least a pause in the uptrend is possible into 2027. We had
a Directional Change in 2025, as we did in gold, which appears to be on target,
producing the highest yearly closing. Thus, on a closing basis, this suggests we are
looking at a 2-year reaction low into 2027 where volatility should begin to rise, and
we have a turning point at that point in time.
Silver is likely to press lower as the fear of geopolitical war in the Middle East
subsides, but as we have said, this at best is temporary. The tensions in the Middle
East fill the air. Ukraine’s quest to destroy Russia, hoping to provoke Putin into
attacking anything to justify calling in NATO, remains a real threat. China is most
likely looking at taking Taiwan when the world is distracted. The real risk remains
economic involving the sovereign debt defaults in Europe and Japan.

Meanwhile, our technical resistance stands at $88.75-89.57, and it will require a
closing above this level to signal a breakout to the upside is unfolding.
Nevertheless, our technical support lies at $53-54, which is still holding at this time.
At this moment, the market remains between these two projections, leaving it
neutral on a technical basis.
The market scored a new major high in 2026, which is up 6 years from the last
cyclical low. The projected resistance target was $96.87, which we did exceed
intraday, stopping at $121.785. Nevertheless, this projected resistance will stand as
the closing resistance for 2026, and only a year-end closing above that would
point to a continued rally; that does not seem likely.