News, analysis and commentary for gold traders and investors

"Be Right - Sit Tight"

Jesse Livermore
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US Bans American Banks from Purchasing Russian Sovereign Debt
US Bans American Banks from Purchasing Russian Sovereign Debt
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Gold Market Wire

News, analysis and commentary for gold traders and investors

Silver Market Update

Silver Makes Leap Higher

July 14, 2021 - (Gold Market Wire) - If we cast back to the beginning of May, our first breakout point in Silver, and one that proved successful for the position occurred at $26.40. After this, we took serious length at $26.50 and caught a large part of the move higher. Silver is now approaching this horizontal post again, and is charging into it today with a fair amount of momentum - now up almost 1.5% on the day.

downtrend bettered - horizontal in reach

The fact that the 50-day moving average is also marked out at (nearly) the horizontal line is adding some importance to this level. The difference, as we see in the longer term picture is that our moving average cleared several days before our big spike up. So we will take that as a note of caution not to get too exuberant.

...an interesting juncture for the market.

Right now, it's best to see how the move against the 50-day pans out. A small down move in the US Dollar, after its recent surge, has led to an outsized move in the Metals, but we continue to develop the theme that a higher US Dollar may not impede the Metals progress as much as many think.

Cautiously optimistic, but still cautious. One thing we have seen so far is that the move down , to test $24.00 has not really taken shape - at all. At least for the moment, this is giving us reason the believe that the market has underlying strength - especially in the face of the US Dollar strength.

On a purely opinionated note: The metals markets seem very cautious of moving to the downside. It is almost like they are wary of an impending "problem" developing in the world economy/geo-politics. Where is the aggressive selling? - we keep asking ourselves. With the belligerence between Russia and the UK, and the ever "boiling kettle" better known as China and the South China sea arena, there is plenty to keep the metals firm, it would seem. Now we can add to this, the potential for a true political upheaval in Cuba that could have serious knock-on effects for the region as a whole, and a South Africa that is descending into violent conflict, with 100s dead and infrastructure being destroyed. It's hard to see a Metals' sell-off with a world spinning out of control.

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