News, analysis and commentary for gold traders and investors

"Be Right - Sit Tight"

Jesse Livermore
Gold Market Wire... Gold Market Wire... Gold Market Wire
Gold Market Wire... Gold Market Wire... Gold Market Wire
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Gold Market Wire

News, analysis and commentary for gold traders and investors

Silver Market Update

Metals Sell Off Gathers Pace

August 11, 2020 - (Gold Market Wire) - As the sell-off gathers pace, let's take a look at the Fibonacci retracement levels to see where buyers might step in.

Silver retrace levels

The seasoned players are starting to plan their buying pattern and one of the best places to shape the idea for purchases is around the fibonacci line. We prefer Silver as our main indicator, as it was the market that led us up here.

Against the plans to buy, which no matter how well laid, can go awry, one must also keep in mind the stark reality that America is virtually collapsing in front of our eyes. Chicago has been looted again, and the city is spiraling out of control. New York City is being abandoned, and other cities are being deserted - - all in the run up to a Presidential election. So, yes, a pull back has to be expected after a run like we just had, but one must ask how much downside traction we will get. The lesson here is that, despite what people said, nothing really does go up in a straight line... but when it does, it is usually the last bullish move before the bull market ends.

So, we take encouragement from that and await our first entry points for scale down buying. Small at first, and incrementally bigger, in roughly $2.00 increments - saving the most size for the last purchase. The market has show us the upside, now we must be patient and wait for execution points. Avoid margin like the plague, and look for downdrafts (not upsurges) to establish length that can be held. Above all, be prepared - financially and emotionally - to hold on if/when the position starts to move against you. That means - size it right! Discipline might mean leaving resting buy orders and turning off the screen for a few days.

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