SIN10 – July Silver (Last:19.150)

Silver’s best efforts to terrorize the bulls cannot mask the obvious fact that it wants to go higher.  Most recently, it plummeted 50 cents from the dangerous encouragement of a fleeting peak recorded Thursday morning, bottoming so far just half-a-penny beneath the midpoint support shown in the chart. The overshoot is not sufficient for us to infer that its 19.085 ‘d’ sibling will be reached, but that is still a minor consideration at this point.  Note that the right-most price bars offer not only an incipient camouflage entry opportunity with the uptrend, but evidence of how much trouble bears are having selling Silver down this evening. (Late note:  The micro-uptrend died in the stretch, but that doesn’t negate the prospect of a second, similar opportunity developing overnight.) _______ UPDATE (11:46 a.m. EDT):  Silver has come down hard this morning, plummeting 70 cents but without the gratuitous head-fake we saw in Gold.  The selloff is impulsive on the hourly chart, so we’ll need to respect the bears until we get a test of a c-d midpoint support that can tell us how determined they are.