SIN11 – July Silver (Last:35.125)

July Silver (SIN11) price chart with targetsThe futures spent yet another day in limbo Monday, leaving my outlook unchanged. It was given earlier as follows: Silver has held a crucial midpoint support at 32.300 for more than a week, but it has made almost no headway on the bounce.  On balance, I’m bullish for the near term, but buyers will need to pop above the 39.565 look-to-the-left peak recorded May 4 to seize the advantage. Otherwise, the futures may demand a test of the 32.865 Hidden Pivot midpoint of the pattern shown.  This stands to be an important number because, as you can see, its decisive breach would augur a further drop to as low as 29.28.