Reason For Silver Bullion Bulls To Take Heart

I tend to regard any rally stirred up by Yellen-blather 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 Price 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.

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