Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Making Sense of Silver
February 2, 2021 - (Gold Market Wire) - Despite the cries that Silver was going to $50 or $100, probably in the next few weeks, we have, after the recent mayhem, begun a slow return to the realms of reality in the Silver market. (Gold, for its part, never left that realm, and has remained largely unchanged through it all.) So after all the drama, Silver has gained about 13% from the low of last Thursday. That is a nice rally, and one which, after some backing and filling, looks ready to consolidate and continue. That is far and away better than repeated days of mayhem which almost never (save in times of war) indicate sustainable rallies.
And so we turn to the chart, which does a fairly good job of laying it all out.
Actually, no mystery at all....just a lot of residual noise, which the internet can produce all too readily. We will now begin the retracement down. If you caught the upside and rode the wave, you should take off the length or scale it down a bit. The gap at $27 will most likely be the next challenge. Wild eyed gamblers should be spec short.
Gold, for its part, has done the predictable...and taken cover at $1850....it's favorite hiding place.