Silver futures are well off their lows Sunday night after missing a 13.910 downside target by 20 cents. Given the clarity of the target, this could be read as an incipiently bullish sign. At the very least, bulls would earn the benefit of the doubt if they can generate a positive impulse leg on the 15-minute chart. At the moment, that would require a sustained push today exceeding 15.495. Regardless, any rally to the 15.300 ‘midpoint pivot’ should be viewed as an opportunity to get short, albeit with a tight ‘mechanical’ stop or via camouflage. _______ UPDATE (9:21 a.m.): It is obviously bullish when DaSleazeballs have to resort to such brazen tactics to shake loose some contracts. Last night’s powerful rebound has generated a bullish impulse leg on the hourly chart. However, before we draw any conclusions, we’ll have to see how the uptrend does relative to the midpoint Hidden Pivot resistance at 16.205 and to D=16.915. Here, a=14.805 at 1:00 a.m. _______ UPDATE (December 2, 8:39 p.m.): Silver looked to be in better shape than Gold at Tuesday’s close. If the March contract can push above a 16.723 midpoint resistance today, look for more upside to at least 17.375.
