Don't Hate the Fader; Hate the Game

In the face universal calls to fade the rally in precious metals and miners yesterday, silver is gapping higher for the second consecutive session free and clear above its upper daily chart Bollinger Band, seen below. 

Bollinger Bands are useful technical indicators for measuring, among other factors, relative short-term tops (price hitting or puncturing the upper Band) and short-term bottoms (lower Band). 

Here, silver is now quite obviously overbought. 

But if this is, perchance, the beginning of a sustained rally or even new bull run for silver out of a devastating, multi-year bear market then the first leg higher will feature overbought conditions remaining stubbornly overbought and sentiment persistently doubting the move. 

At any rate, that is the roadmap to apply to see if the move has legs into the summer and beyond.

For the moment, the initial wave of faders have been squeezed.