Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Silver Retraces to Support
February 16, 2021 - (Gold Market Wire) - The metals got hit after the mid-day in New York, but Silver is just about holding on to the support identified by the recently cleared downtrend. It will need to hold here to avoid a more protracted sell-off.
Technically, the market is just about hanging in there, as the uptrend holds for now.
Gold has traded under $1800 today, and is now hovering around that level, producing a down day that, in percentage terms, is almost the same as Silver. That, as we have been at pains to stress these past few weeks, is critical, because our favoured instrument - the Gold/Silver ratio, has been left unscathed.
We will now see if we can get through 65 before the week ends. We remain avid short sellers, and are equally pleased that Silver's sell-off did no damage to the ratio. That tells us that the short side of the ratiois still the preferred way to play the metals market presently.