Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Silver Pulls Back
May 21, 2020 - (Gold Market Wire) - The power uptrend in silver, no sooner established, has given way. Welcome to the silver market...home of the manic depressives.
Right now we are settling down on the line and the market's challenge is clear
Big picture -little has changed. Silver is coming into its own. But its the short-term that can cause traders in the silver market to lose their composure. Those who got long with the breakout can take profit on a trend line break, if they wish, and hope for a better entry point. Remember that the gold/silver ratio has come crashing in recently, and could be ready for a bounce back up. That's the word of caution. The other cautionary word is that silver is on everyone's lips these days. It's the talk of the town. That should give every person a reason to pause. Always remember that most markets are created to drive you to utter despair, and silver does it better than most. That's why we always caution about sizing. So far the metal is hanging in there.. but be prepared for some more volatility.
If the heat gets too much... you probably need to lighten the position up. Know when to lighten and know when to cut. If the buying power runs out, silver will drop quickly. That is its nature.