Bulls can take mild encouragement from Silver’s price action of late, although it would be premature to exhale a big sigh of relief. The rally off Monday’s low is bullishly impulsive on the hourly chart and has already surpassed the midpoint resistance at 17.478. This implies more upside to at least 17.695, the midpoint’s ‘D’ sibling, over the near term. However, Hidden Pivots are less important here than the heap of supply that is layered all the way up to 18.00. Let’s see how buyers do eating through it lest we wax overly bullish prematurely.
