The Dark Corner of the Complex

Major gold miners, such as NEM, are reversing sharply to green today. After a steep downdraft since mid-May, the precious metals and miners appear to be looking to bounce into the FOMC later this week. 

Of course, silver has been the weakest link the space for a while now, the proverbial dark corner of what has been a volatile, trendless move since last autumn for virtually all things gold and silver.

On the updated daily chart for the silver ETF, below, the best case for bulls is that last Thursday's upside reversal "hammer" candlestick amounts to a meaningful turning point. If SLV can clear $15.50 today and hold over it, bulls likely will have wrestled away the short-term initiative in the Fed.  

Overall, the SLV daily chart pattern may still be a long-winded attempt at a bottom, albeit one where $15 cannot be lost again for bulls.