Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Opening
Silver Showdown in the Making?
August 20, 2020 - (Gold Market Wire) - Yesterday's Gold sell-off was not matched in its intensity by Silver, confirming the 'lesser' metal's continuing role as the market's leading indicator. Right now, Silver has regained its footing from the mild sell-off from yesterday and is heading towards a convergence of the two trend lines. The chart below lays it out - with two downtrends to consider.
Yesterday's early advisory to lighten up the length worked out well during the day, and now we look to see how our developing showdown resolves itself. Light length could be established on small pullbacks for a scalp. The Gold chart reflects a similar condition - but with a time lag.
The bull market continues apace, unabated. Pullbacks have been good places to established length, because they haven't had much follow through recently. In the run-up to the US Elections, one must consider that the downside potential remains limited.