Although Silver’s explosive rally over the last few days has nearly maxed out the hourly chart, bulls have reason to celebrate. As you can see, the rally exceeded a key external peak at 25.120 recorded seven years ago during the summer of 2013. The move has generated the most powerful impulse leg this vehicle has seen in nearly a decade, and it implies that any significant pullback in the weeks and months ahead be regarded as a buying opportunity. Stay tuned to the chat room, since we finally have a trend we can trade aggressively. ______ UPDATE (Jul 28, 5:06 p.m. ET): The violent price swings we saw today ended with the futures idling placidly in the exact middle of the range. This is peculiar though hardly bearish, since it suggests that even after getting viciously trapped at Monday night’s highs, bulls were back at it hours later, chastened but not the least bit fearful. Let’s step aside for a day and see how it goes. When the old high gives way, look for further upside to a marginal new high, at least, at 26.56 (60-min, A=22.175 on 7/22). Evening note: night owls can try bottom-fishing at 22.888 off this pattern on the 60-min: a=26.275; b= 22.46; c= 24.795 ( 7/28 at 11:00 a.m. ET)
SIU20 – Sep Silver (Last:24.525)
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