Like June Gold, July Silver’s bounce from a key midpoint support (at 32.300) is precisely what we should have expected if the long-term bull is about to regain momentum. However, the bounce so far has yet to create a bullish impulse leg on the hourly chart, raising the threat of a relapse with each new day spent noodling around. The picture would change significantly with a thrust that exceeds the three peaks shown, but until that happens we’ll need to remain cautious.