Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Silver Makes a Move
October 19, 2021 -(Gold Market Wire) - Yesterday's note of 'cautious optimism' has been proved founded as Silver makes a strong 2% leap higher, with Gold also moving up nearly 1%. The charts worked out well, providing us with a real opening for profit. As it stands both core and trading positions are doing well. We believe, at long last, the market has room to run to the upside, although, we will have to wait for Friday's close for full confirmation - we are now adding to trading length on pullbacks, intra-day.
The markers we set out from Friday's close have served us well. They showed the level to be cleared, and once we did - we moved sharply higher.
Yesterday's consolidation was just what we needed, and today, we got the payoff.
The gap achieved from October 13 to 14 was followed by a strong, if still classic, back and fill. That gave us the courage to hang in there. Monday's 'touch down' on $23.00 (these .50 cent increments have been an important feature in the past months... probably because the options players are pushing the market to strikes) and following move back up was all the fuel we needed for today's solid move higher.
So, our cautious optimism was well placed. We continue to like the market. We look poised to move higher.