Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Silver Settles into Its New Surroundings
October 22, 2021 - (Gold Market Wire) - Silver is settling into its new, more rareified, atmosphere, and preparing to take out the high of the downtrending Channel which has kept us in check for the past three months. Friday, as we mentioned earlier, would be the logical time-frame for such a push through, and we are on the cusp of it.
The history of this channel isn't completely in tact, but if we zoom out, we can see it has a previous incarnation of sorts.
This channel has provided some important markers in the past 15 months. A negation of it has the potential to begin a true change in fortunes.
On the more immediate front we note that in the European a.m. both our Power Uptrend and main trend line are holding. This should gives us some fuel to work out of the channel.
Silver is now calling the tempo of the Precious Metals, and so, we remain focused on it. Gold is moving up along with it, but is so far, unable to exceed that magical $1794 number. That band between $1785-$1804 remains a stumbling point. When we finally clear it, we should see Gold set sail properly. Nonetheless, this morning brings a move above the downtrend that has been with us for some five months now.
And so we look ready to run higher. There is, of course, the chance of one last head-fake to squeeze the final bit of blood out of the weak length - but it's looking less and less likely by the hour. The bull is back - and he looks ready to charge properly now.