July Silver’s breakdown on Friday beneath a key low recorded nearly a year ago at 18.712 is a worrisome sign. Even so, the futures will have a chance to pick up support, possibly with a bounce that would be tradable, from the 18.037 midpoint Hidden Pivot shown. I am recommending tightly-stopped bottom-fishing there, or a ‘camouflage’ entry, but keep in mind that a decisive breach would put Silver on course for an 11.019 target I identified a while back and characterized as ‘unthinkable’. _______ UPDATE (June 3, 1:35 a.m. ET): The futures hung tough yesterday, sort of, and would turn short-term bullish — tradably so — on a pop exceeding 18.930. This is where a barely noticeable peak occurred on the way down on Friday, and a ‘b-c’-type pullback from a tick or two above it could set up an excellent ‘camouflage’ buying opportunity. I’ve sketched this hypothetically on a new chart for the guidance of traders who like getting aboard in places where the herd ain’t. ______ UPDATE (7:20 p.m.): The rally stopped a penny shy of my bullish threshold — close, but no cigar, at least so far. _______UPDATE (June 5, 11:53 p.m.): The rally tripped a buy signal at 19.040 that could take us to 19.340 or even 19.425 over the near term. First, however, the respective midpoint pivots associated with these targets at 19.140 and 19.183 must be surmounted. _______ UPDATE (June 10, 1:00 a.m.): The midpoint resistance has migrated to 19.145, and any decisive penetration of it to the upside would augur more strength to 19.410 (60-minute chart, a=18.670 on 6/5).
