SIN10 – July Silver (Last:17.680)

July Silver (SIN10) price chart with targetsIt’s hard to be thrilled about the futures’ failure on yesterday’s second-wind rally to surpass the look-to-the-left peak at 18.165 highlighted in the chart.  If that happens today it would be an impressive and very bullish feat — one capable of powering the futures up to at  least 18.705. If not, however, traders could still try bottom-fishing either Monday night or Tuesday morning at  17.620, the as yet (very) tentative midpoint support of the pattern shown. _______ UPDATE (11:43 a.m. EDT):  The downtrend punched through 17.620, implying more selling to as low as 17.420. That target will remain viable as long as the point ‘C’ of the pattern, 17.820, is not exceeded by a rally. 18.170 is still where the short-term outlook would turn very bullish.