September Silver has gotten waylaid enroute to a 42.475 target after attempting to consolidate above the target’s sibling midpoint, 40.180. Before making any judgments about the seriousness of this weakness, we should wait to see how the first corrective pattern plays out relative to its ‘p’ midpoint pivot and ‘d’ target. (I’ve gone into much greater detail about this in today’s Gold tout, which includes a chart.) For now, though, and until such time as 37.890 (aka point ‘C’) has been exceeded to the downside, the bullish target noted above will remain valid. _____ UPDATE (10:11a.m. EDT): Weakness that has persisted overnight looks like it will take the futures down to at least 37.610, a Hidden Pivot support, or to another at 37.125 if any lower. Both targets can be easily found on the 15-minute chart.
