Silver

Here is an hourly chart showing pit and electronic trading in July silver futures. I last commented on silver here.

I think silver has begun the third phase of a three phase rally which now looks likely to end near resistance at 1066. After this third phase up move is complete I expect a drop to 920 or so which is the 2 and 5/8 multiple of the 1991 low of 351.

Once the 920 level is reached I think we will see a rally in silver of between two and three dollars.