Although Silver broke out around mid-morning on Friday, it spent the remainder of the session idling in a shallow pullback. This behavior reflects the preference of strong, confident buyers who could use a little rest. The quiet end to the week was deceptive, since it featured a decisive push through a 58.45 midpoint Hidden Pivot associated with a ‘D’ target at 70.81. (Please note that this number was incorrectly given here last week for the January contract as 63.39). A pullback to the green line (x=52.27), however unlikely, would be a screaming ‘mechanical’ buy. Here’s a chart showing the futures’ crucial progress last week.
SIH26 – March Silver (Last:58.65)
