The iShares Silver Trust ETF (NYSE: SLV) continues to act well. The series of higher highs and higher lows off of the August 24 low at 17.39 continues today, with the SLV making new rally highs at 19.58. Let's also notice that the SLV has experienced two intraday sell-offs -- to 19.23 early this morning, which preserved Friday's pullback low at 19.07, and again later this morning to 19.30, which held 7 cents above the earlier low.

The ability of the SLV to create a higher-low price configuration intraday after a 13% upmove in two weeks is the sign of a still-powerful underlying uptrend. As long as today's two-successive pullback lows remain intact, the SLV will be in very good technical shape and points to higher prices in the upcoming hours. My next optimal target zone is 19.90-20.00.

By Mike Paulenoff

Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.

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