SIK11 – May Silver (Last:36.235)

Silver’s encouraging rally fell 21.5 cents shy of creating a powerful, bullish impulse leg on the 480-minute chart. Buyers looked primed for a second shot today, however,  after pulling back only slightly from the intraday high at 36.290.  Our target on a decisive breakout above 36.505 is still 38.605. As of around 9:38 p.m., the best place to find camouflage for initiating a long position was on charts of five-minute degree or less.