Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Silver Ready to Challenge the Downtrend? (and USD update)
March 15, 2021 - (Gold Market Wire) - A quick look at the Silver chart shows that we are nearing our downtrend line. Right now the market has a lot of building momentum and should we break free from the downtrend, we could get the set-up we've been looking for.
Here's the chart:
If we zoom in we can see that the power downtrend line has worked well...and that the challenge is on.
As we mentioned before, we'll have to see how equities fare, and if they push away the bearish charge. They've certainly been successful in the past. If they fend off the next attack, it could be the green light we've been waiting for.
Within that context, we note that we are taking the recent movement in the US Dollar higher to lighten up our long position against the Euro. We've been riding this one since 1.225-1.23, and are ready to take profit on half. Right now it looks like some of the shine is coming off, so we pocket half the position and close half here at 1.1923. We will look for a bounce to re-establish, and if we don;t get it - we will ride the balance of our length and reassess.