Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Are Metals Forming a Base to Move Higher?
August 16, 2021 - (Gold Market Wire) - While it is certainly no time to start breaking our champagne, the Metals market is starting to look like it could be in the early stages of a rally. So far we have stopped the sell-off, had brief turn-around, a back and fill, and have worked off the Monday morning blues (initially off over 1% in Silver), to fight our way back to, almost, even. The downtrending channel is still in touch, and New York has spurred some buying. Although we have to measure our satisfaction with the fact that it is still August, i.e. 'silly season', we have the embryonic signs of encouragement.
Not the least of the encouraging signs is the 50/100 day moving average cross, which is indicating some legs, even if wobbly, for the Bull. Well, we'll take it. At some $5.00 off the May high, we could be forgiven for looking at the market with a bullish potential. Today's action has the look of a classic back and fill, and, lest we forget, Friday closed out the week on some solid strength, right near the day's high. That's the kind of indication we like. The locals didn't liquidate.
Taken as a package, things are bullish, if still unstable. If we can stay in the channel and build this inside rally, we will be well positioned. But as we opened with caution, we would be remiss not to mention the kind of volume we have registered, namely....not a lot.
Cautiously optimistic remains the theme.