SIN10 – July Silver (Last:19.505)

A rally target at 19.825 remains our minimum upside objective for now, since yesterday’s rally fell nine cents shy. The target is a Hidden Pivot that I expect to show some stopping power, but if it’s breached by more than three or four ticks, look for more upside over the near term to at least 20.32.  You should also keep in mind a major target at 21.53 that we’ve been using for a while.  Shortly before 3 a.m. EDT, easy opportunities for night owls looked limited. ______ UPDATE (1:31 p.m. EDT):  The futures popped overnight to 19.845, exceeding our minimum upside target by two cents.  This has bullish implications going forward, but they have been sidetracked by a savage, 50-cent drop from the highs.