Friday’s plunge overshot our 17.230 target by less than a nickel, but that’s sufficient to suggest that still-lower prices are coming. If so, expect July Silver to fall to the 16.950 target, the worst-case low that can be extrapolated from the hourly chart. You could bottom-fish there with a stop-loss as tight as two cents, but I would recommend the trade only to those who have profited on the way down. Alternatively, bulls would have control of the short-term outlook if they can push the futures to the 17.500 midpoint pivot today. A subsequent pullback from anywhere in the range 17.500 – 17.550 could offer an excellent buying opportunity, so be sure to tune to the chat room for guidance in real time if this occurs.
