SIU10 – September Silver (Last:19.080)

September Silver (SIU10) price chart with targetsAll signs on the daily chart are bullish now that the futures have exceeded the secondary peak at 19.270 recorded on June 28. That created a robust impulse leg by extending the thrust past an”external” high in addition to the two “internals” already surpassed. Since there has been no pullback yet, bulls could stretch for a second external (19.500, on June 21) or even a third (the May 13 watershed at 19.865) before taking a breather. More immediately, they’ll need to push decisively above a midpoint resistance at 19.195 to be deemed ready for the finishing stroke to its ‘D’ sibling at 19.390. Sunday night’s lazy poke above the midpoint was not a bad start on this, considering the hour. Bulls will be in fine shape, short-term, unless the futures print below 18.550 today. ______ UPDATE (9:36 a.m. EDT):  That 19.195 midpoint is giving Silver way too much trouble this morning, telling us SI is unlikely to head higher at the moment. A feint at the opening topped a penny above the pivot, at 19.205, but it was all downhill from there.  To reclaim the high ground today, bulls will need to print 19.285.