SIN11 – July Silver (Last:35.345)

July Silver (SIN11) price chart with targetsSilver continues to mark time, although my short-term bias is mildly negative because of the narrow failure of Wednesday’s rally to take out a peak made two days earlier at  35.995.  It would still take a thrust above the peak to the left of it, at 36.350, to re-energize buyers.  Keep 25.130 in mind as a worst case low for the summer if the July contract should close beneath 32.300 for two consecutive days. Those numbers are, respectively, the ‘D’ target and ‘p’ midpoint of the hourly chart pattern A=47.375  (may 2), B=33.035 (May 6), and both have been prominently featured here before.