The December contract tripped a theoretical sell signal when it dropped below the green line on Friday, but we’ll ignore this and give bulls the benefit of the doubt for the time being. Our flexibility is predicated on a test of support at the red line, a midpoint Hidden Pivot support at 67.66. It was exceeded more than marginally on Friday, but if a second closing bar replicates this next Friday, that would open up a corrective path down to d=63.275. If that support, too, should fail, a decisive breach would be the most bearish signal we’ve seen on the weekly chart since March.
SIZ26 – December Silver (Last:67.78)