Timely Thoughts on Silver

The futures appear headed to the 16.580 target shown. I posted this Hidden Pivot support in the chat room Thursday morning, but it was probably of little help to traders because of the downtrend’s rabid demeanor. I am not suggesting bottom-fishing with the usual penny-ante stop-loss, since the target closely coincides with some important lows from mid-January. Our main concern should be whether sellers take out both of those lows without a visually distinctive correction. Were that to occur, I’d infer a test of support is imminent at 16.260, equal to an important low recorded on January 5. Alternatively, I’d need to see a pop on Friday above 17.075 to persuade me that buyers are serious. If you don’t subscribe, click here for two weeks' free access to Rick's Picks, including daily, actionable 'touts', round-the-clock updates, impromptu tech analysis sessions online, and a chat room that draws experienced traders from around the world at all hours of the day and night.