Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Silver Sells Off, Again
August 5, 2021 - (Gold Market Wire) - Silver's latest attempt to work higher has failed. No surprise there. The market is starts to take on the character of failing attempts to move higher, rather than simply meandering up and down. That could be a new dynamic, and was one reason we were inclined to take a spec short, albeit small
The move up towards $26.00 looks like a classic 'sucker's rally,' and those that got their spec short away have benefited. COT's thumbprints are all over it. A false rally to get the bored traders to chase. As we move in the money, the smart play is to take profit and close it out. The market looks weak, and weak on thin volume, but these spec plays can't be run for long as positions. So, brass in pocket, we trade out and see what Friday brings.
The downtrend is in tact, and until it is cleared the short side of this market is the only place to be. We are inclined to sell rallies. The metals are not showing any strength, although Gold still clings to $1800.