Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Silver Approaches Channel Top
April 14, 2021 - (Gold Market Wire) - We've been down this road before, a few times actually, since the start of February, and every time we've been repelled. There is a chart formation that gives us more encouragement than usual, in the fact that we've developed a small gap up, after a reversal formation. That's encouraging.
For the sake of clarity, we'll zoom out, to show how we got here:
And so, here we are again - but, as ever, with a twist. A reversal and a gap back to back... and the intimations of international conflict. We should be propelled higher, but we will have to wait for the channel to fall, at a minimum.
We should note that our recent fall from the February high has been protracted and tentative in nature - hardly the stuff of bull markets ending. Without any 'science' behind it, it certainly looks like the market wants to move higher here. Yesterday we pointed out the nexus between the two reversals that took shape - the Silver one and the (all-important) Gold/Silver ratio. A positive development. The indicators are lining up in our favor, but patience and discipline must rule. We await the New York opening, to see if we can follow through. If the wild-eyed gamblers insist on buying the gap, they should keep it small.