SIN10 – July Silver (Last:17.980)

July Silver (SIN10) price chart with targetsA shaky performance yesterday brought the futures down as far as they could go without tripping another alarm.  Notice that the low came within a single tick of the 17.830 correction target shown.  It is mildly bearish that this move exceeded the 18.150 midpoint support, but we’ll give bulls the benefit of the doubt, short-term, as long as the low holds.  Because the decline was impulsive, we should set a high bar for a turnaround. An 18.175 print today would do it on the 5-minute chart, but it’ll take nothing less than 18.730 to restore the hourly chart to bullishness.