Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold and Silver Market Update
Silver Pulls Back - Gold Hangs Tough
October 26, 2021 - (Gold Market Wire) - Markets move on energy, and energy must be replensihed in any up move. Right now, Silver, having overcome so many obstacles, is pullback to galvanize the energy for another push higher. Nothing moves in a straight line, and when it does - Watch out!...because it usually spells trouble, dead ahead. So our pullback in Silver is welcomed. The power uptrend line still looks solid, and Silver needs to replenish its energy for another move higher.
The aggressive/gambler type could add length here. The red line is our challenge at the horizontal pivot:
We've moved up over 10%, so far, in the month of August. Heady stuff, that demands a retracement. There is no change to our prognosis. Volatility will increase - but the Bull is back in the saddle, and long is the way to be.
Gold adds encouragement. $1804, an important level for us, is almost holding, and it will be interesting to see what New York does on the opening. Ideally, we'd like to see the horizontal hold - but we are entering a new era for the metals, and we can't rule out increasing volatility.
We've had five up days on the trot, so a move back to $1780 can't really be ruled out. Size accordingly. If we get down to $1780, length is the right move.
Another salient point would be to pick a place on a down move to add to core positions. Gold has a decent way to run, and the iron grip must be reapplied.