News, analysis and commentary for gold traders and investors

"Be Right - Sit Tight"

Jesse Livermore
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US Bans American Banks from Purchasing Russian Sovereign Debt
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Gold Market Wire

News, analysis and commentary for gold traders and investors

Silver Market Update

Defining A Silver Channel

June 24, 2021 - (Gold Market Wire) - We're drawing the Silver channel as it reveals both the potential for upside, and the identification of a point where concerns of a break-down might occur. Right now, we look like we could be getting ready to develop an uptrend, but its always good to lay down the markers, to see where we can identify where we might be wrong. The channel can help us in this regard.

...certainly has some upside.

This channel has been valid for almost four months now - barring the four days where we closed outside. The end of March action, as we noted at the time, had the potential to be significant, and, in retrospect, it was. We climbed back into the channel area quickly, which also helped define it. The slope of the trendis fairly gentle, and, this being Silver, that is saying something. If we back up we can see a wider perspective.

gaining shape and relevance over time.

That vertical move at the end of January was some serious madness, as the chart shows. But aside from that this is the picture of a market still trending upward, albeit at a slow pace (really about .50 cents a month). So, we have the usual Silver spikes that everyone gets worked up about, but the general picture is a lot more prosaic. With the benefit of the channel, and our bounce off the bottom on Monday, we're slowly getting more bullish. From here we will add another small amount of length. (That makes two purchases in total at the $26.01 and .08 level.) Buying after wipe-outs like we just had makes sense, even if everyone is still recovering from the down move.

Today's action in Silver comes alongside a US Dollar that is maintaining its strength - a point of note for the "US Dollar is finished" crowd.

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