Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Silver Backs off after a Strong Rally
May 19, 2021 - (Gold Market Wire) - Somewhat unsurprisingly, especially after yesterday's action, Silver has back off from recent highs. The market saw some fairly serious vertical action, which did not hold, and that is usually followed by a sell off, which is what just what we are getting.
Yesterday's spiking high and negative close was the warning that the sell-off was coming. But that, of course, is providing opportunity in a generally bullish scenario, and we are minded to take it, buying small for the trading book at these levels. We are aware that we could make it all the way to the trend line, but at minus 1.5% on the day, risk/reward is favorable. The market is still bullish and we look at these pullbacks as places to add length.