Crude is in a correction from early May’s top that projects to as low as 85.07. That target is equivalent to the 1413.50 pivot given for June Gold. Although Gold’s midpoint support at 1470.00 has held almost precisely, the equivalent number in July Silver, 95.11, sits 43 cents beneath the so-far low. If that low were to be exceeded on a closing basis for two consecutive days, we would infer that a potential price avalanche lies ahead. To turn things around, bulls would need to push this vehicle above 102.41 within the next day or two. That would exceed a look-to-the-left peak recorded May 11 on the way down. It is visible at the level of the 30-minute chart or less.
