Reason for Bullion Bulls to Take Heart

I tend to regard any rally stirred up by Yellenblather with skepticism, and that was my initial reaction to the moderate rally in gold and silver futures on Wednesday. On examining their respective intraday charts at the end of the day, however, I found persuasive evidence that there is more to come — and not necessarily just a little bit of upside either. Comex Silver, for one, looks bound most immediately for a 20.350 target that lies about 40 cents above today’s settlement price. And if the futures blow past that number with ease, I’d infer that bulls have a shot at 22.460, or even 23.745 before the intermediate-term bullish cycle begun early in June is spent. Visit our 24/7 chat room and share timely ideas and real-time results with great traders from around the world.

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