Bullion is getting drubbed in the wee hours Friday morning, with silver acting even weaker than gold. On the 180-minute chart shown, the most recent downthrust has generated a fresh, bearish impulse leg that could weigh on this vehicle for days or even weeks. From a trading perspective, the still-incomplete impulse leg could generate an enticing ‘camouflage’ short in the manner I’ve sketched. We should pay close attention to whatever midpoint support forms thereupon, however, since a reversal from near or above it would be the first encouraging sign we’ve had in weeks.
