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Thursday, May 11, 2006
Here is an hourly chart showing pit and electronic trading in July silver futures. I last commented on this chart here.
I thought that strong resistance near the 4 1/8 multiple of the 1991 low of 351 would hold but this morning the market broke decisively above that level. The next strong resistance is at the 4 5/8 mutiple near 1623 and I think that is where July silver is now heading.