SIN11 – July Silver (Last:36.895)

On the hourly chart recently, bullish impulse legs have been answered by bearish ones, implying that the standoff is likely to continue for at least the next few days. However, a rally today exceeding 37.890, a peak made on the way down last Wednesday, would suggest that bulls are back in charge. Alternatively, anything below 35.920 today would turn the hourly chart from short-term neutral to bearish. If you’re looking for a way to get long via camouflage, I’d suggest using the 5-minute chart.  As of around 7:19 p.m., it had signaled a modest rally of perhaps 20 cents.