SIU26 – Sep Silver (Last:56.32)

With last week’s breach of a key ‘p2’ support at 56.75, the futures look primed to fall to D=43.155. The target would be even lower had I used the marquee ‘A’ high, but the one I’ve improvised should be good enough for analytical purposes. Notice that the target is significantly more bearish than the one I’ve flagged in August Gold (see above). I expect this discrepancy to be resolved via Silver’s bullish reversal from a low somewhere above the 43.155 target. The number to watch is 47.720, the D target of A=72.18. If a rally from that price, or from any price above it, achieves 7.11 points, take it as a sign that the bear market is probably over.