The narrow failure of last Thursday’s rally to exceed a look-to-the-left peak recorded May 4 on the way down is disappointing, but we should probably chalk it up to Silver’s propensity to out-do Gold at each turn when it comes to frightening bulls. The subsequent downdraft projects to 36.045, and the target should be taken seriously since its sibling midpoint at 37.955 has already been exceeded by 40 cents. Alternatively, the futures would need to hit 39.885 (a l-t-l peak from 8/4, around 1 pm. EDT) today to turn the intraday charts bullish once again.
