FUNDAMENTALOVERVIEWSilver extended thepullback into the major downward trendline following the US NFP report. Thedata wasn’t bad, but it was enough to trigger a slightly dovish repricing ininterest rate expectations. The chances for a July hike are now standing atjust 24%, while the probabilities for a move in September dropped to 55%. As mentioned previously, giventhe Fed’s focus on inflation, the US CPI will likely be more important. Fornow, silver will likely remain rangebound at a higher level until we get to themain event. This week, we don’t have much on the agenda. We have Fed’s Waller speakingtoday, but unless he explicitly endorses rate hikes, the price action shouldremain rangebound. The other potential catalyst could be the FOMC meetingminutes on Wednesday. This is almost never a market moving report but given the limited forwardguidance from Fed Chair Warsh, traders will want to see if there’s any furthersignal in the minutes on the next policy move. SILVER TECHNICALANALYSIS – DAILY TIMEFRAMEOn the daily chart, we cansee that silver pulled all the way back to the major downward trendline. Thisis where we can expect the sellers to step in with a defined risk above thetrendline to position for a drop into new lows. The buyers, on the other hand,will want to see the price breaking higher to increase the bullish bets intothe 71.55 level next.SILVER TECHNICAL ANALYSIS –4 HOUR TIMEFRAMEOn the 4 hour chart, we cansee more clearly the pullback into the trendline and the almost perfectrejection as the sellers started to pile in. There’s not much we can glean fromthis timeframe, so we need to zoom in to see some more details.SILVER TECHNICAL ANALYSIS –1 HOUR TIMEFRAMEOn the 1 hour chart, we cansee the first move lower from the trendline created a lower low. If the pricebreaks through the lower low, we can expect the sellers to increase the bearishbets into new lows with a defined risk above the trendline. The buyers, on theother hand, will have to wait for a break above the trendline to gain more convictionfor higher highs. The red lines define the average daily range for today. UPCOMING CATALYSTSToday, we get the US ISMServices PMI. On Wednesday, we have the FOMC meeting minutes. On Thursday, weget the latest US Jobless Claims figures. This article was written by Giuseppe Dellamotta at investinglive.com.