Bulls got badly trapped on a run-up to $30 Thursday night, but the subsequent selloff to 27.37 ran into serious buying early in the session. This could help build a base to launch September Silver to new recovery highs as the week unfolds. Our rally target remains 31.56 for the moment, and odds of this Hidden Pivot being achieved would shorten if buyers can levitate the futures above 28.99 Sunday evening. That would leave shorts on the ropes to provide additional boost when the regular session resumes Monday morning. Alternatively, if the downtrend resumes on Sunday, you can bottom-fish with an rABC pattern that uses 26.835 (see inset) as a possible reversal point. _______ UPDATE (Aug 10, 7:04 p.m. ET): Silver bulls were raring to go, unintimidated by the alarming drift of the Dow Industrials toward new record highs. It is reassuring to see bullion unfazed by such recklessness._______ UPDATE (Aug 11, 8:35 a.m.): The reckless, relentless rally in the Dow has finally taken its toll on bullion. Now, if Sep Silver cannot hold above p2=27.493 in this chart, look for more downside to at least D=27.125. A tradeable low is possible there, and it can be leveraged with the tightest imaginable rABC, predicated on a precise turn.
SIU20 – Sep Silver (Last:27.680)