Although silver has grazed over a nearly $12 range for the last two years, it prefers to hang out near the $24 midpoint. To be sure, it is in a bull market with the potential to reach $36 or higher. But it seems in no hurry to get there, and it will likely remain an accumulation opportunity between 17 and 23 for the foreseeable future. A breakout would be signaled at 27.36, a tick above an important ‘external’ peak recorded by the September contract in March 2022. More immediately, a reverse pattern promises good odds for bottom-fishing at 22.98. That is the ‘d’ target of a= 24.83 on June 9. _______ UPDATE (Aug 8, 9:49 p.m.): Sellers bombed the 22.98 Hidden Pivot support, implying Sep Silver is likely to grope its way down to June’s 22.34 low in search of support.
SIU23 – September Silver (Last:23.94)
