The tortuous, choppy gains of the last few days belie the power of a far bigger uptrend that has been pushing Silver since early April. To be sure, buyers have not exactly made short work of the 17.380 midpoint pivot in recent days. However, it would take but a 20-cent rally from current levels to turn this stubborn resistance into support. Thereafter, a pullback to the red line could be used to effect a ‘mechanical’ buy for a shot at 18.155, or perhaps 18.930, over the next 5-8 days. _______ UPDATE (June 15, 8:52 p.m. EDT): Today’s feisty rally has significantly shortened the odds of a further push to at least 18.155. The 17.380 midpoint pivot can still be used for a ‘mechanical’ buy, stop 16.860, if the futures return to it. Consider a ‘camouflage’ entry, however, if the initial theoretical risk of $520 per contract is too stressful. ______ UPDATE (June 16, 11:22 p.m.): Any reports?
