Buyers on Friday impaled the 31.74 midpoint Hidden Pivot resistance of the bullish pattern shown, all but guaranteeing the rally will reach a minimum d=32.505. If the futures get past it as easily as they have p=31.74, that would portend not just a test of the 33.25 peak recorded on October 4, but a breakout above it. The rally would then encounter the ‘D resistance of a bigger pattern at 33.33, giving us another opportunity to assess the trend’s staying power. A bigger picture provides high confidence that the December contract will eventually reach 37.249, a ‘D’ target on the monthly chart derived from a pattern stretching back to A=12.871 recorded in March 2020.
SIZ24 – December Silver (Last:31.755)
