Keeping an Eye on Silver's Pivot Low

Although the dollar is strong and the precious metals and iShares Silver Trust ETF (NYSE: SLV) are under pressure today, my work has been telling me to expect a correction in the complex coming into today, regardless of the reaction of the financial markets to the Jobless data. For me, from a technical perspective, the only thing that matters right here is last Friday’s pivot Dubai low at 17.49 in the SLV. If that low breaks, then technically I don’t have a good reason to stay long – at least from a near-term basis. As long as 17.49 remains intact, the overall bullish pattern of higher lows and higher highs will be the dominant force and pattern governing the SLV.