Even for the nimblest traders, Silver’s rally on Friday proved nearly as challenging as Gold’s. While the latter did its thing in the opening minutes and then spent the rest of the day in a tedious consolidating, Silver surged at the bell, then reversed direction so sharply that it nearly crashed into the launching pad. The ostensibly frightful action needn’t have troubled bulls, however, since, in the midst of its histrionics, the September contract managed to surpass a key “external” peak at 36.785 recorded on June 22, refreshing the bullish energy of the hourly chart. For now, I’ve used the pattern shown to project minimum upside over the near term to 37.415. Once the sibling midpoint at 36.820 has been overcome, getting to the target should be a lay-up.
