Although August Gold’s price action has somewhat altered my rally target, conditions in September Silver are unchanged. To wit, a push through the midpoint Hidden Pivot at 21.370 would portend minimum short-term upside thereafter to 22.110. Traders should take note of the fact that Wednesday’s high at 21.285 exceeded an external peak made a week ago by a single tick. This implies that the pullback since then is corrective and that it can be bought when the uptrend resumes. I have sketched this out hypothetically for your further guidance. _______ UPDATE (8:24 a.m. EDT): Anyone who used the tactic I sketched out to get long overnight would have done nicely, since Silver subsequently climbed sharply. The 22.110 target remains valid as a minimum upside objective for the near term. Please report any fills in the chat room, since I’ll establish a tracking position for your further guidance if at least two subscribers say they got aboard. _______ UPDATE (Sunday night, July 13): The 22.110 target remains viable and presumably is attainable once the futures finish consolidating near 21.50. A lesser rally pattern that would yield 21.890 should be considered a ‘go’ once buyers push through its sibling midpoint resistance at 21.653. _______ UPDATE (8:56 a.m. ET): Silver has gotten smacked this morning, although with slightly less force than Gold. The selloff did no damage whatsoever to a still-bullish weekly chart, and it also left intact a lesser bullish pattern on the hourly chart that points to 21.725. As a practical mater, however, and for the moment, these points are moot, since the downtrend now in motion points as low as 20.785 on the hourly chart (a= 21.610 on 7/10 at 9 a.m.). _______ UPDATE (July 16, 1:15 a.m. EDT): Silver bulls have sent this vehicle into spasms in their serial attempts to keep it from breaching some prior lows on the intraday chart (see inset). The futures are nonetheless vulnerable to a fall to the 20.480 target shown — yes, it can be bottom-fished with the tightest of stops — but any lower would portend more slippage to at least 20.335._______ UPDATE (10:56 a.m.): Silver is in rally mode this morning, having gone no lower than 20.630. The downside targets remain viable nonetheless.
