Although Friday’s dip beneath the midpoint Hidden Pivot support at 54.070 was slight, we have little reason to give bulls the benefit of the doubt by ignoring it. It implies more slippage to the secondary Hidden Pivot (p2=45.080), and a worst case of 36.090. I seriously doubt that last number will be reached, but we should take the prospect of a further fall to 45.080 seriously and trade silver with a bearish bias. Also, to avoid getting overly excited by a strong rally, keep in mind that a $10 run-up to the green line (x=63.060) would trigger a ‘mechanical’ short taking a stop loss at 72.06.
$SIZ26 – December Silver (Last:53.949)