Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
June 29, 2021 - (Gold Market Wire) - The inside trend line in Silver has failed, and sent the market lower. Once we crossed the support line, we were ready to sell-off, and we have. A slightly higher US Dollar, up about .33% vs the Euro, can't really be looked at as a 'culprit'. The market is simply showing weakness.
As per our earlier writings, our breech of the line got us out of half of our length with some (very) small damage. We are now holding the second half, which we may add to if the drop develops further. The market is still working to find a bottom. Interestingly, we've stopped right on our 61.8% retracement level, and are trying to hold there. The sense of COT is in the air.
We're prepared to hold our remaining length for a trip to $24.00, but right now the market looks like it is prone to being whipped around. Patience before considering new length is the prescription. Our discipline got us put of harms way, rightly enough. Now we will simply have to wait for developments.