Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Silver Maintains its Recent Strength
October 25, 2021 - (Gold Market Wire) - Silver has continued to show resiliance, both by holding above the channel breakout it closed above last week, and also by annulling the 'flame out' potential from the spike higher, which got sold on the close Friday. As we have said over the past few weeks - this is a trader's market. And no clearer signal is available than Friday's action:
So, now we're into the real fun and games that the traders and locals like to play. Silliness, yes, but all part of a healthy bull market. At least you now have a clear picture of when New York closes its books and heads for the Hamptons. (After all, the water is still warm - even now.) This can be considered a valuable item for future reference. (don't wear your leverage into the Friday close - unless you can handle it!)
With the above in mind, we ignore the chart formation that should normally spell caution, because its timing was so obvious; and it didn't follow through. The games locals play in Silver will now take center stage - and we must read the runes properly.
The market is consolidating at an elevated level. That's music to a bull's ear. The big picture, indeed, confirms a change of fortune
Now, even stodgy old Gold is getting in on the act and Friday finally saw the needed move above $1804: The first in almost two solid months. And so far, it looks, much like Silver, to be a first foray into a new environment - where higher prices rule.
And that's it from a positive looking Monday morning. The bullish sentiment and action is maintained. Length is held, could even be added to here. The market should have more upside. We remain encouraged by Crude Oil's quick recovery and strength. The market is setting a bullish tenor for the week... but don't forget about Friday's Follies.