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

News, analysis and commentary for gold traders and investors

Gold and Silver Market Update

Metals Consolidate Recent Gains

November 16, 2021 - (Gold Market Wire) - Silver's Power Uptrend has been negated after yesterday's down day. We stopped right on the line, but needed a significant surge for it to remain active. The chart explains:

...time to put the Power Uptrend to bed.

There is nothing special in the negating of the Power Uptrend. In fact, it lasted about as long as it normally does in a bull market. As the line fails, t signals us that we could be consolidating or working lower for a while. It tells us its a good place to lighten up, if you're actively trading. We are, so we will. For the uber-bulls, you can consider that we may just regain the Power Uptrend and hold on to all length. We are, after all, in a strongly bullish phase of the market, which is why we said to hurry up and add core positions. When the core is big enough, you won't fret having a lighter trading book when the market surges. The point is - don't concentrate all of your fire power into the trading side. The core side is the bullish undermining which gives you room to work in the market.

What are we left with now? Well, the channel and the 'big picture' is what we revert to. Again, the chart lays out the parameters.

our channel, and the overhead resistance (in blue)

We are still in positive territory for the day, but the plan is to lighten a bit here and see if we can't draw down and re-establish length at a lower level. Eventually we will have to take on that big blue line.

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