Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Silver Continues to Fight the Overhead Resistance
November 18, 2021 - (Gold Market Wire) - In the current environment one seriously has to wonder, "who in their right mind would be selling Precious Metals?" Well, someone is, but we won't speculate as to who it might be.
The overhead resistance is the challenge, and as the chart shows, we are bashing against it on a daily basis. It seems destine to fall, but we must maintain our patience.
Once we get through the downtrend we should start to rally. The market looks like it is building a head of steam. The strategy now is clear. Any substantial pullback should be bought. If we get a Friday close over the downtrend - it is probably a buy signal. The market remains bid, and is strong. It remains only a question of entry point and sizing properly.
We are hesitant to charge early, but are inclined to take some (small) length even on a minor pullback. Anticipating the metals market is always a bad move, but we can't really say an entry point now would qualify as 'chasing strength'. A toe in the water might be in order.
The decision by the US "OSHA" (Occupational Health and Safety) to refuse to endorse Bidens Vaccine mandates is a serious development. Equally we are now hearing that the Austrian police and military are saying they will not enforce the "Vax-Green Pass" which the government is trying to implement to segregate the un-vaccinated in the country. These are significant developments. Government power is being checked across the western world. Confidence in government is under serious attack. That is fuel for the Metals.