Wednesday, May 03, 2006


Here is an hourly chart showing pit and electronic trading in July silver.

Today the market bounced off of the 4 1/8 multiple of the 351 low made in 1991. It also broke below the 1370 support level which I cited in my last post on silver. I think this combination means that the market has made a lower top relative to the 1484 top of April 19 and that it has begun a drop to the 920 level.

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