Silver’s breakout last week above the watershed high at 30.94 recorded in August 2020 is the subject of my latest commentary. The move has opened a path to the pattern’s ‘D’ target at 36.96, a Hidden Pivot resistance that looks capable of stopping the bull in its tracks, albeit not necessarily for good. For now, though, we should treat the secondary Hidden Pivot (p2) at 32.42 with the same deference we give midpoint resistances (p) and supports. It can serve as a minimum objective for the moment, but also as a place to hedge or adjust long positions, or even to get short for a while. If buyers impale p2 on first contact, that would likely clinch a move to 36.96.
SIN24 – July Silver (Last:31.775)