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Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Is Silver Set to Try Again?
June 8, 2020 - (Gold Market Wire) - Silver has had a small pick up since last week's sell off. With Gold just managing to stay above the $1683 horizontal support on Friday's close, the precious metals market is settling down. Is Silver about to try another run? Let's see the chart for the parameters.
It took some nimble footwork to miss the downdraft last week, but the action this morning is supportive for Silver. The power downtrend has been surmounted, albeit only intra-day, and the three week uptrend has held. $17.68 is right where we get short-term horizontal resistance, and its an important marker. Let's see what the US opening brings. We could be getting close to a set-up for length.