May Silver is on shaky ground at the moment, in danger of falling at least to the 17.870 target shown if sellers should ratchet up the pressure. Although Gold futures have held up somewhat better, they don’t look strong enough to pull Silver back from the brink. Another way of saying this is that Silver looks weaker than Gold looks strong. If this judgment is correct, look for both to continue at least somewhat lower in the weeks ahead. Alternatively, if you’re looking for the first sign of encouragement, it could come as early as today with a close above 19.795. That’s a Hidden Pivot ‘midpoint resistance, and if it is decisively breached, we could expect further upside progress to at least 20.285. Night owls should look for opportunities to get aboard via the 60-minute chart, where a 19.550 print would trip an entry signal perhaps subtle enough to escape scrutiny (a=18.930 on 4/24; b=19.910; and c=19.305 (4/29 at 8 a.m. ET).
