Silver’s setback yesterday was not as painful as Gold’s, and bulls will remain in command as long as there is not further slippage to beneath the 29.130 ‘external’ low that I’ve highlighted on the hourly chart (see inset). That would be bearishly impulsive, but even if it were to occur we could look forward to bottom-fishing at the ‘p’ midpoint of the hypothetical retracement pattern shown. Alternatively, if bulls take this vehicle higher straightaway, there are numerous external-peak handholds to leverage on the hourly chart for purposes of getting long. _______ UPDATE (June 7, 7:11 p.m. EDT): Nothing to see here, folks. Silver was building a distributive flag when we went to press, and a trader would probably need to be on the one-minute chart to extract something of value from current price action.
