Commentary: Silver finally began a correction in late April after a parabolic spike through most of the beginning of the year. The correction was brutal over the first few days in May, but silver basically found some footing and started trading in a tight sideways range. In looking at the iShares Silver Trust (NYSE:>.)

Silver Wheaton Corp. (NYSE:>moving average near $35. A successful break of this level could lead to a potential bottom being put in for SLW. (For more on trading silver, see >Trading Gold And Silver Futures Contracts.)

Endeavour Silver Corporation (AMEX:>GPL) is another silver miner that could be ready for a rally attempt. GPL also had above-average volume during its recent consolidation, and did dip under a support level near $3. However, it rebounded off its 200-day moving average recently and is in the process of attempting to clear a >relative strength to the metal. Neither can be safely assumed to have bottomed, but there are signs that an intermediate low may be in. Traders should closely monitor the recent lows as a line in the sand, and more importantly, watch to see how the miners deal with any selling pressure in the coming days. If selling pressure is light, the miners could attempt a move towards their recent highs.