Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Monday Morning Update: Silver Holds the Uptrend - Gold Holds the Gap
November 15, 2021 - (Gold Market Wire) - Silver opened and sold off slightly, flashing a few prints below the power uptrend, but quickly recovered. There is little doubt tht the market would like to see some consolidation, but the real question is - "are we going to even get it?" The market is in a heady state, which usually means back off and consolidate before working higher. But, such is the magnitude of the problems besetting the monetary world, the political world, and everything imaginable from from White House fights with Governors to Byelorussia (my transliteration) and Poland, now resplendent with UK troop involvement, that the Silver and Gold markets may just shelve the niceties of pullbacks and simply reset at a higher level. A level that reflects the truly deteriorating international situation - 'both foreign and domestic' (to use a turn of phrase).
If you didn't on Friday's pullback, core positions should have been added to this Asian or European a.m. You will not get forever to wait on this. The simple fact is that the market should sell off and then work higher, but it may simply explode upward. Don't be left light-handed. Buy some core position with no margin, in preparation for a rainy day. We are likely to have many of them in the coming months.
The $1848 levels are featured in the chart, but they are visible enough: July 2020, early Nov. '20; Feb '21; June '21... and look how the market shied away from that level all through the summer. The break-down to $1650 sure looks like the final flush. In fact, $1648, was the real washout point, that signalled a serious sell-off was about to commence if not quickly negated. Well, negated it was:
If we can stay above the line, things look positive indeed. Considering all them 'hemming and hawing' the market took to get here, it is significant. Gold has had a seriously long nap, and may be 'well rested' and prepared for much higher prices.
On a slightly shorter time-frame we can see the importance that the $1834 level played, and how it set us up for the boost through $1848.