Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Silver Jumps above the Downtrend
May 3, 2021 - (Gold Market Wire) - Silver has taken on the downtrend line and pushed strongly above it - confirming the strength of the support line, but still falling short of a breakout. Still, at more than 2% up on the day, the indications are turning positive for the metals. New York has come in strong and taken us higher. That is noteworthy on a Monday, and even more noteworthy after the US Dollar's strong Friday performance.
A New York Minute....well - call it just under an hour, actually:
The charts aren't perfect impressions of each other...with the first being drawn just casually - but the implication is clear: The Funds don't like being short the market. They closed their length at the end of the month to book profits - and now, they've put it right back on. That is what we want to see. The "Street" wants to be long the metals.
We've got horizontal resistance around $26.62-.72, but things are taking on a positive slant. If we work down towards our uptrend line again, we will consider length.
An interesting start to the month in the metals, no doubt.