March 17, 2021 - (Gold Market Wire) - Try as it might, Silver is still hemmed in by our power downtrend, and until it breaks free - decisively - and registers some weekly close(s) above, there is no traction in the Precious Metals world for potential buyers looking to position. It's really as simple as that.

There's no comfort to be had from a falling US Dollar either. The American currency, maligned like no other financial instrument is not falling....is not 'finished' and is not 'about to collapse', no matter how many people in the financial commentariat demand that it must. We have been hearing that echo for night on 15 years and it still has not happened. People interested in trading might decide to let the market speak for once, instead of their own, unproven convictions. That being said, we could get a bounce in the US Dollar, which was the reason we took profit on half of our length. There is a major support line coming into focus, and the USD could shy away from it. The can have a knock on for the metals, but, we believe, only in the short term... or intermittently.

When/If we get through that trend line, we believe the US Dollar could make a significant rally. The failure for the bears to get us back above 1.235 will wear on them, if monthly closes below that level accumulate. And they are accumulating.