SIK24 – May Silver (Last:28.84)

The sharp bounce from p=27.71 puts a similar reversal in June Gold in a more bullish light. The latter has bounced without having touched the midpoint Hidden Pivot support, suggesting that sellers may have unfinished business. However, Silver reached its p support almost exactly, suggesting it has fully corrected the powerful uptrend begun from 22.19 in mid-February. On balance, I favor the more bullish interpretation, which suggests both vehicles are likely to take out their respective recent highs without first exceeding last week’s lows.  My rally target remains 30.08, a Hidden Pivot that’s equivalent to a 2514.60 target in June Gold.