While December Gold’s weekly chart shows a ‘duel’ between bulls and bears, Silver’s remains bullish without qualification, since it lacks the bearish impulse leg (B=1251.00 on 10/18) that has put Gold’s price action mildly in conflict. However, Silver’s daily chart daily has yet to generate a bullish impulse leg since the December contract fulfilled the 20.420 target shown in October. That would require a thrust exceeding the 23.445 ‘external’ peak shown, but until it happens the burden of proof will remain on bulls. _______ UPDATE (12:36 a.m. EST): I’ve just posted the following, bearish analysis in the chat room: Price action at p=20.875 most probably has bearish implications going forward. However, there are two alternative points ‘A’ that would have less dire consequences: A=23.445 yields D=20.145. This target looks like a very high-probability spot for a tradable upturn in view of the heavy action near p=21.620. Then there’s A=24.250, yielding D=19.340. The 21.218 midpoint associated with this target was decisively broken on this morning’s opening bar, and the feeble rally back up to this number produced a short that is nicely profitable. All in all, Silver looks like hell.
