SIU09 – Comex September Silver (Last:14.445)

Silver is vulnerable to a mild selloff if it breaches the Hidden Pivot midpoint support at 14.210 shown in the chart. Its ‘D’ sibling lies at 13.905, and that would become our minimum downside objective. Alternatively, we’d need to see an upthrust past 14.525 to turn the hourly chart bullish, and a close above 14.740 to get a running start on minor target at 15.245. ______ UPDATE (9:20 a.m. EDT): The futures have bounced from just above the 14.100 target of a lesser pattern (A=14.510, recorded on August 10, 15-minute chart). This is bullish for the near term, although the 13.905 downside target given above will remain valid in theory until such time as the rally surpasses 14.520 (‘C’ of the larger pattern; its breach appears imminent).