Here is an hourly bar chart showing pit trading in May silver futures.
The market has broken below what should have been support at 986 on a very wide range bar, which I use as a proxy for a high volume bar in markets that don't offer real time trading volume numbers. From this I conclude that the move above the 1000 level was a head fake and that the market has begun an extended drop which will probably carry it at least to 850.
Resistance above the market is at 988 and the next down swing should carry to the 920 level.
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