Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Silver Develops A Small Rally
June 25, 2021 - (Gold Market Wire) - It's hardly a cause for wild celebration, but we retain our cautious optimism on Silver, which led us to double our length yesterday. We're up 1% on the day, today, and the market looks like it is developing an uptrend, as we thought.
We remain open to the idea that we could start moving up the channel we defined in yesterday's missive, but equally, we must also be prepared for the potential of failure. Such is the nature of these fledgling uptrends - they don't always work out. Right now, with the dramatic sell-off we just had, we liked the idea of buying after the deluge. That's a was a significant contributing factor to our decision. For now, steady as she goes would be very agreeable. Just above $26.50 we can make out a rising resistance line, so we have to be aware of that.
The market remains tenuous, but we are optimistic. That means we will sell into any sudden price spikes, which we would take as an indication that either COT is up to its old tricks again, or a large buy order has hit the market and everyone stood back to fade it. Silver is a thin market, and we must always remain wary of it for that reason. (Fun and Games are regular events.) Let's see if we can hold on to some gains going into the weekend.