SIU10 – September Silver (Last:18.330)

My short-term outlook is neutral, as in Gold, but if Silver were to plunge gratuitously it would become a tightly stopped buying opportunity at 18.075, a Hidden Pivot. The midpoint sibling of that number is 18.280, and the same analysis applies — i.e., a bounce from the midpoint or higher that “goes impulsive” on the hourly chart would be a very bullish harbinger for next week. ______ UPDATE (3:00 p.m. EDT): Today’s modest rally is technically meaningless, since the futures still need to take on two daunting peaks to generate a fresh impulse leg on the hourly chart. The peaks lie, respectively, at 18.700 (August 4) and 18.820 (June 30).