Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Silver and the Horizontal Support
September 2, 2020 - (Gold Market Wire) - Silver is retracing some of its recent gains, as the initial power uptrend line falls to backing and filling.
Importantly, we now bring the horizontal support/(previous) resistance lines into focus. These are the ones that can create buying points if we head lower.
So far, this is just basic backing and filling and we retain our trading length with a view towards the challenge at $30. Our entry point with Monday's gap is still in the money and we see no reason to take profit just yet. The Silver market remains strong and, if anything, we have been encouraged by the shallowness of the pullback last week.