Silver did what we asked of it yesterday, surpassing an ‘external’ peak at 27.005 to generate a little bit of heat on the lesser charts. However, just to make sure it’s not playing us, let’s raise the bar today to 27.980, where bulls would effectively refresh the impulsive energy of the hourly chart (as they should if this rally is fated to go anywhere). Strictly speaking, they deserve the benefit of the doubt anyway, since Monday’s thrust exceeded no fewer than one internal peak and three closely spaced externals. Also strictly speaking, the July contract would trip a buy signal on any booster-stage rally of at least 24.125 cents from an as-yet-unformed point ‘C’ low.
