Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Silver Continues to Push Higher
September 1, 2020 - (Gold Market Wire) - Silver has followed through on yesterday's break out to move sharply higher and is up over 2% on the day in the European a.m. The market is now taking shape to attack the $30 /.oz level.
The power uptrend is developing nicely and the length we established on close yesterday is to be held until that trend shows signs of failing. Even if and when it does, it is likely that we will lightne up only by a half or a third. Silver is powering ahead and there is little that is going to stop it over the next year. The chance of higher prices is virtually guarateed, while the ending this bull market is practically nil. That means that the core, as per usual, is held with an iron grip, and now the trading position is firmly established. Small downdrafts toward the power uptrend line are now considered places to add length as are retracements to the horizontal break out just below $28. Silver is on the march. The attack on $30 seems to be at hand.
Across the world the political ramifications of the Covid-19 lockdown are starting to produce dislocations. Populations are beginning to revolt against the draconian measures enacted and segments of the populace seem determined to strike out against state authority. That will only enhance the allure of the precious metals.