The midpoint Hidden Pivot support at 32.493 has repelled three bear assaults, hinting that the futures want to go higher. Notice that the first time the futures came down to the red line, setting up a ‘mechanical’ short at the green line (x=32.986), the trade produced a quick $2400 profit when it plummeted once again to the red line. But this appears to have spent sellers, and that’s why the chart is bullish, at least for the near term. Since I’ve provided a ‘best bet’ for a tightly stopped bid in June Gold (see tout above), let me do the same for July Silver: 32.480, exactly 40 cents below where it was trading when the clock ran out on Friday’s impacted action. ______ UPDATE (May 12, 5:05 p.m.) The nice thing about no one giving a rat’s ass about Silver is that when Gold gets crushed as it did today, Silver does necessarily fall in sympathy. It just might, however, so be prepared for a drop to 31.505 (60-min, A= 33.835 on 4/29). You can try bottom-fishing there with a very tight stop-loss if you know what you’re doing.
SIN25 – July Silver (Last:32.795)
