SIN11 – July Silver (Last:36.575)

Silver’s ascent Sunday night is more than a vague waft, since the so-far high is 70 cents above Friday’s settlement.  Even so, the futures will need to rally another 30 cents, surpassing a peak at a peak at 37.190 made Friday on the way down, to re-energize the hourly chart. Night owls should be prepared to seize the advantage if there’s a pullback from two or three ticks above that high, since the follow-through burst could come quickly.  I’ve include a chart that sketches out such a possibility. ______ UPDATE (4:18 p.m. EDT):  The futures popped above 37.190 to create potentially usable camouflage, but the buying opportunity we were looking for has yet to materialize. Instead, a back-and-fill downtrend has eaten up the day, yielding no follow-through C-D rally, nor even a point C’ low so far.