News, analysis and commentary for gold traders and investors

"Be Right - Sit Tight"

Jesse Livermore
GOLD MARKET WIRE...NEWS AND INFORMATION for GOLD TRADERS AND INVESTORS ....
GOLD MARKET WIRE...NEWS AND INFORMATION for GOLD TRADERS AND INVESTORS ....
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US Bans American Banks from Purchasing Russian Sovereign Debt
US Bans American Banks from Purchasing Russian Sovereign Debt
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*** GOLD MARKET WIRE ***
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Gold Market Wire

News, analysis and commentary for gold traders and investors

Silver Market Update

Fledgling Silver Rally Meets its First Challenge

October 14, 2021 - (Gold Market Wire) - So far, so good, in the trading arena. We captured the change of mood, properly, when metals no longer reacted to stock market swoons, and noted the several bounces off the low of $22.50 which told us we had a decent chance to move higher. The re-opening of the book last week, with building of core and trading position has worked. Now for the first real challenge, as the chart lays out:

...so far, so good. But now, the real challenge approaches.

...and the same thing zoomed in:

zoomed in shot

This is a tough one, no doubt. Four and a half months of this down trend action has kept us bouncing in and out of the market. We've escaped damage and garnered some profit - but fun, it has not been; dodging bullets and waiting on the sidelines. We really need to keep our emotions at bay here - perhaps moreso than ever. It would be all too easy to raise that fabled cry" "This is it!", because when you think it could be, that's when you have to pause, even if you miss the first move. We certainly look ready to take on the downtrend, buyoed mostly by the rest of the commodity complex - especially energy. So we stay with the core we have built last week and the trading position, but we don't add anything yet. The market has work to do, and we need to let it do it. We are positioned, and must remain humble for the time being. We look towards the energy complex, especially crude, to indicate a follow through to the upside in the Metals.

It's not time to throw the proverbial kitchen sink at the market. Not yet.

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