Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Silver Still Gripped by Channel
July 30, 2021 - (Gold Market Wire) - We are getting ready to round out the month and while the day before last was a positive indication, as of posting, the downtrending channel is still holding Silver in its grip.
So, yes, as of now, three up days in a row, and the channel could be broken on the close. That's what we need to see to take a small speculative long position, but we are still wary. Its summer-time and COT could be up to its old tricks, in a thin market (and Silver is thin by definition, as well!). We're going to need to see the channel broken decisively, and the end of month would be such a perfect chance to 'paint the tape', and suck everyone in, we remain suspicious. In Silver, you have to be suspicious. It pays to be.
So the month is still, as of now, a down month. A lot of huffing and puffing, and a $2.00 range (plus a little more), we wind up right smack in the middle. And we're still in the channel. Gold has done nothing all month, with a less than 70 cent range. Excuse our lack of enthusiasm, but we will remain, patiently, on the sidelines.