Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Pauses While Holding Recent Gains
October 18, 2021 - (Gold Market Wire) - We didn't get the surge on Friday, but instead, the pullback. Volume was high, and that leads us to believe that the market remains, as ever, in the hands of the trading community, who are buying during the week and getting flat on Friday. That, of course, meant that we didn;t get our hoped for 'surge on close' for the end of the week. The chart shows the mixed and tentative nature of the Metals markets as they closed out Friday, which is also how they opened this European a.m. - (unch.!)
So, no strong break-out, and still stuck in the channel, but a positive tenor nonetheless. The channel marked by the Red, above, needs to be broken for us to start a real rally.
Below is our new chart. The trend line held on first test.
...and a zoom out for clarity.
Trend line is holding, the big downtrend is still bettered - what's not to like? We start the day on a note of cautious optimism.