SIN14 – July Silver (Last:19.585)

The futures are looking robust for the first time in a long while. Yesterday’s rally generated yet another bullish impulse leg on the daily chart by surpassing an external peak at 19.525 recorded on May 23. A rally that is able to exceed at least two prior peaks with each new thrust, as Silver has been doing, is demonstrating that it is raring to go. If this is indeed so, we should see a surge today that surpasses the distinctive external peak at 19.825 (see inset) from May 22. Night owls looking to climb aboard should look to do so on a resumption of the rally following a shallow pullback of perhaps 15 cents from Thursday’s 19.565 high. _______ UPDATE (June 16, 2:00 a.m. ET): Silver’s vital signs remain strong with Sunday night’s push above the 19.825 peak flagged here earlier. The next test of resistance lies at at Hidden Pivot at 19.890. It was approached within 1.5 cents earlier tonight, but the sooner it is exceeded, the more likely the uptrend is to continue over the near term. _______ UPDATE (June 17, 12:10 a.m.): A Hidden Pivot target at 19.430 is my minimum downside projection for the near term. It can be bottom-fished with a very tight stop-loss, but if the stop is hit, expect still more weakness.  (Note to Pivoteers: On the 5-minute chart, the target comes from a=19.875 on 6/15).