SIU09 – September Silver (Last:14.450)

Even if Silver goes nowhere for the next couple of weeks — a good possibility, I’d say —  we should take longer-term encouragement from the fact that last week’s high, 15.185, exceeded a midpoint resistance on the daily chart by a whopping 12.5 cents.  If buyers should take charge, though, pushing past 15.575 this week, that would be enough to set bears’ fur ablaze. _______ UPDATE (2 p.m.): Regarding the drubbing the Silver is taking today, my thoughts concerning gold apply: It is not the beginning of some hellish decline, but rather a sudden easing toward buoyancy in a somewhat lower range.  _______ FURTHER UPDATE (2:54 p.m.) At the moment, with Silver trading 14.020 off a 13.820 low, I am expecting a tradable bounce from a little lower: 13.805, a Hidden Pivot that comes from the hourly chart.  An impulsive turn from above that number, however, would be bullish for the near term.