SIU10 – September Silver (Last:18.350)

Silver got sucker-punched at the highs yesterday, but it’s no cause for concern, since the September contract had already done the heavy lifting by impulsing above two prior peaks on the daily chart. (They lie, respectively, at 18.280 and 18.535.) In fact, the futures need to pull back a bit more — to at least 18.110 — to be considered fully re-charged for the next upthrust.  Thereafter, a 34.5-cent “booster rally” from some low in the range 17.850-18.110 would imply the larger move to as high as 19.485 is under way.