If there is reason to think gold prices are finally recovering, it is Silver’s bounce from near a D correction target at 55.56 that took four months to reach. Neither got as close as we should have preferred, but silver’s 60-cent miss, amounting to 1.1%, is probably close enough to offer a hopeful sign, even if the jury is still out on gold. Its corresponding low fell fully 4.2% shy of the target, a shortfall that allows less room for encouragement. The next impediment on Silver’s chart is a middling ‘external’ peak at 67.72 recorded on June 21, and an easy pop through it would be reason to take notice — and heart. _______ UPDATE (Jul 12): Silver offered little to encourage last week when it failed to extend the previous week’s moderate bounce. It will still need to surpass the June 21 peak at 67.72 to hint of a turnaround, but getting past yet another at 72.185 would be far more bullish.
SIU26 – Sep Silver (Last:62.665)
