SIN11 – July Silver (Last:33.845)

I’ve provided some big-picture numbers for Gold that go with a bearish outlook for the near term.  In Silver, however, I’ll offer some lesser benchmarks so that you’ll be alert to any subtly bullish signs that may emerge overnight.  The most promising ‘external’ peak for buyers to use for camouflage lies at 33.885 (see inset). Because it is not an especially distinctive peak, a rally that exceeds it by a tick or two (or perhaps three), and then pulls back would offer an excellent buying opportunity on any follow-through c-d leg. ______ UPDATE (11:47 a.m. EDT): A pullback from above 33.885 (from 34.135, actually) tripped a losing trade around 5:30 a.m. with entry signaled on the 15m chart at 34.045. The move did not quite make it to the 34.170 midpoint pivot, so the trade would have been stopped out for a small loss. Since then, it has been ‘dueling’ impulse legs, hinting of turgid action in the hours ahead.