Silver fizzled on the launching pad yesterday, unable to muster the energy required to get it to a modest rally target at 29.245. Still worse is that the July contract ended the day below the 28.165 midpoint support associated with that number, turning it into resistance. We’d need to see a print at 29.005 today to infer that bulls are not in a coma, but barring that, the downside threat looks no worse than the obvious structural supports that I’ve highlighted in red. As of around 6:40 p.m. EDT, I could discern no compelling trading opps, although the short-term trend was impulsively bearish on the hourly chart.
