In percentage terms Silver’s 5% rally yesterday was more impressive than Gold’s 3%. However, as you can see in the chart, bulls have their work cut out for them if they are going to reverse the bearish tide that has prevailed since early November, never mind from the September 2011 top. A print exceeding the 20.920 ‘external’ peak shown is required to generate a bullish impulse leg on the daily chart, implying a rally even strong than Wednesday’s. On the hourly, set an alert at 20.400, since that’s where buyers would strongly refresh the bullish energy of the intraday charts.
