Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Silver Regains Momentum
August 13, 2020 - (Gold Market Wire) - Silver continues to move higher after the "tree shaking" episode of earlier this week. Both a new trend line, now confirming, and a clearing of horizontal resistance, have set the market on a firmer footing.
Yesterday's close proved a critical element in establishing our new trend line. Those who gate-crashed the Tree Shakers Ball after midnight, Tuesday, got to drink the forgotten champagne and climb into the carriages for a ride around town (so to speak).
Now we can see that our horizontal resistance has been bettered. If we can close above it on Friday - so much the better. Of course, $30 remains our big target and we needed the sell-off to galvanize energy to make another run at it.
In the world of 'confidence', which is the world that Gold deals in, the Mainstream Press is now so unashamedly anti-Trump that the past four years even pale in comparison. The Press is now pumping the idea that Biden is already receiving intelligence briefings (as if he could take them in) to prepare him for the Presidency. As if the election has already happened and he has won. It is a brazen misuse of power, and one gathers that the metals market may not like it very much. Such propaganda feeds those whose confidence is wavering and so the metals react.
November is close - but in market terms, seems a long time away. Confidence, that ultimate barometer of Gold and Silver, seems to ebb away daily...as prices firm in their receeding wake.