SIN11 – July Silver (Last:37.080)

Big sellers have been sitting on Comex Silver for more than a week, but their collective weight proved too much for the timid buyers who showed up yesterday. Before we sink into despair, however, let’s see how much support the futures pick up at 35.260, a Hidden Pivot support (A=39.470 on May 11) that can be used as a minimum downside target for now.  There’s another pivot at 36.185 that could also evince support, but its close proximity to lows recorded on May 24 and 26 make it a less-than-ideal spot to try bottom-fishing.