Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Silver: Right Back Where We Started
November 5, 2021 - (Gold Market Wire) - Silver is presenting a mixed, if slightly positive, picture, as we head into Friday. We've regained the channel, and even had a small follow through, but, as ever, we must be wary of the Friday 'foibles' where everyone throws in the towel early to get on the freeway. The LIRR ain't what it used to be on Friday's, and the traffic means markets shut up shop earlier than usual. The chart gives us some small encouragement:
Above the market we have $24.00 and $24.75 as our targets to clear. On the downside the $23.00 level has made its importance clear enough.
So, power downtrend bettered; Channel regained; horizontals marked out. The first challenge (for the bulls) will be to close above $24.00.
And as for Gold?
No prizes for guessing where we are... - that's right - $1794.00... again! The whole world of professional options market-makers must be short the $1800 strike. That has been the trade for the past month two and a half months. If we are entering the new area of volatility that many (including us) think...it is really starting to look like that 'vol.' ... as well as the 'action' is all going to be centered in Silver. If it's leverage you're after, Silver can provide - naturally.