Although we should always be alert to the possibility of a turn from the secondary pivot (p2), in this case it seems unlikely. Once September Silver penetrated p=19.59 decisively, it never looked back. The futures seem to have eyes for the 16.53 target we’ve been using, and this is corroborated by a corresponding one in August Gold at 1665. A tradeable turn from near 16.53 if it is reached is all but a lock-up, but as I’ve mentioned in the latest gold update, the pattern looks too obvious to deliver a low we can count on to be precise.
SIU22 – Sep Silver (Last:18.50)