Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Silver Marks Out Next Support
February 3, 2021 - (Gold Market Wire) - Silver failed where we warned it might, and, as predicted - down we we went. The failure at $27.69 unleashed a wave of selling which didn't stop until $26.28. After the carnage we bounced. Our spec shorts did well. Now we are mapping our the next support level - post bounce. The chart lays it out.
Fairly straight-forward stuff. That hi/lo ranges from $26.28 to $30.08 - and we are near the bottom of the range. Once again..the big spike did not hold,
and the "This Is It!" crowd waded in. We did our best to keep people on the sidelines...but the addiction is simply too great. There's a decent chance to hold here. Make no doubt - we remain bullish Silver - even with the silly spikes. But slow, orderly rallies are what makes a bull market...not wild 20% in three day spikes. (unless you are the soybean market - lol.) So let's see if we can consolidate here. Gold is flat as flat can be and the Dollar is keeping the pressure on. Every day the Euro fails to rally we get more and more confident that the US Dollar has posted a true intermediate high at 1.2350.Unlike the Goldbug crowd - we still see the US Dollar going higher...and accept the slings and arrows gratefully - as that only encourages us even more, and confirms that we are likely to be right in continuing to be bullish the Dollar.