Monday, May 08, 2006


Here is a highly consensed hourly chart showing pit and electronic trading in July silver since its high at 1484 on April 19. I last commented on this chart here.

Silver is clearly stalling after a rally to a top lower than the 1484 top three weeks ago. I think this meanst that the market will soon take out the intervening low at 1171. When and if it does I think the drop will continue down to 920 or so.

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