SIK11 – May Silver (Last:35.675)

May Silver (SIK11) price chart with targetsSilver has given up all of the gains achieved on Sunday’s opening bar and then some, but like Gold, the overall picture for the short term retains a bullish look. Another bullish factor to consider is that Friday’s low failed by a tick to breach an important structural low at 34.030 recorded on March 3.   Most immediately, although the pullback does not look opportune for bottom-fishing because it lacks a clear point ‘A’, the one I’ve flagged in the chart could determine how things played out.