Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Opening
Silver Hangs Tough
June 9, 2020 - Gold Market Wire - Yesterday's action provided a set-up for us in Silver and length was established. The trend line is in tact today and the market, although quiet, is still holding. We're not expecting fireworks, but have taken a risk/reward position defined by the breech of yesterday's downtrend and the continuation of the main trend line pictured below, in our morning chart.
Gold is lending a hand to the proceedings by staying above the horizontal support line of $1683 and also crossing the 50-day moving average. The chart shows a decent chance to rally, especially as the power down trend has been exceeded on the upside.
All in all the risk/reward is with the bulls. A calculated position and not just a coin flip. Horizontal support is where we would have to stop out if it is seriously challenged, but right now, we look ready to rally, even if gradually. The market has held nicely since last week's sell off.