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...
***
US CPI in January Rises .3%
US CPI in January Rises .3%
***
Head Of European Central Bank Calls for Bitcoin "Regulation"
Head Of European Central Bank Calls for Bitcoin "Regulation"
***
Fitch Ratings Calls 2020 "Record Year" for Sovereign Defaults
Fitch Ratings Calls 2020 "Record Year" for Sovereign Defaults
***
*** GOLD MARKET WIRE ***
*** GOLD MARKET WIRE ***
***
Subscribe to receive our monthly report
Market Info
Feature coming soon.
Thank you for your patience

Gold Market Wire

News, analysis and commentary for gold traders and investors

Silver Market Update

Silver Bounces in Choppy Trade

February 8, 2021 - (Gold Market Wire) - The support levels we painted at the end of last week worked fairly well. We got through the horizontal one we mapped out, and stopped about 15 cents shy of the main trend line we described....putting in a low of $25.90 Here's last week's ID of the levels:

last Thursday's chart - painting the support

From there we have bounced nicely and have cleared the gap around $27.00. So far, so good, but hardly an exciting start to the week.

today's early a.m. chart: a bounce out of the East

A cursory look at the above charts tells us that the round numbers are in play - roughly. The levels of $25.00 and $26.00 are real support, and we have touched down on them repeatedly. That gives us the short term outlook. Long term, we can see how the recent high has created the top end of the channel we are now in:

Against this rather lack-lustre opening to the week, we note that the US Dollar, which has been on a tear lately, may be preparing for a move back down (i.e. up in the below chart as the cross is inverted). Friday made the sign of a reversal, but we wouldn't expect too much action on the downside. The downtrend has been touched, and might try for a move above the line. Still, the Dollar remains strong - as much as everyone in the Gold market dislikes that. If the Euro can't muster a move here, we will probably resume the rally. These days, few markets are calm, and choppy action is the order of the day.

time to retrace some of the recent gains?

Lastly, Gold is doing next to nothing. The $1850 level has failed, all eyes are on Silver and the Dollar, and the 'big' Metal looks uninteresting and consigned to working its way lower. The recent craziness in Silver did little to encourage Gold prices, and that, along with the Dollar's strength, is keep any rallies at bay.

< Previous articleHome pageNext article >
<- Go Back