News, analysis and commentary for gold traders and investors

"Be Right - Sit Tight"

Jesse Livermore
GOLD MARKET WIRE...NEWS AND INFORMATION for GOLD TRADERS AND INVESTORS ....
GOLD MARKET WIRE...NEWS AND INFORMATION for GOLD TRADERS AND INVESTORS ....
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Gold Market Wire

News, analysis and commentary for gold traders and investors

Silver Market Update

Silver Surges on US Jobless Claims

May 6, 2021 - (Gold Market Wire) - Sometimes it takes a single shot of news to get the market to do what it was going to do anyway. Today we got it with the jobs report. The look was for 538,000 new jobless claims and we wound up with 498,000 - down 92k from the week before. The market had its excuse to rally and off we went. Inflation is taking hold properly now, and even the big commodity laggards - Gold and Silver can't sit still in the face of the true 'new normal'.

Yesterday's plan for length $26.40 and additional length after moving above resistance at $26.50 has gone well, and now we are in a position to run some profits. The channel which we mapped out in yesterday's missive looks to be the real deal - although we will take it a day at a time.

...the channel resurrected? .. certainly looks like it.

It has taken the patience of a Saint to wait for Gold to move, especially while our 'preferred' trades, namely food, have done so well. But the commodity market has to have a laggard and it looks like Precious Metals are it. Still, Gold and Silver have fought the good fight, and we should, by all accounts, get some follow through now...at last. Moderating the urge to pile in will be critical. Gold and Silver love to punish those who chase strength - so let's be happy with what we have on and get prepared to take 1/3 off if we start to run really hard.

Its a good time to be long the metals (at last!) - but we need to retain discipline. 'One day at a time' should be our motto.

It's also a good discipline to see what we learned and why the market was so difficult. Here's one take:

...the metals never make it easy!

OK, not as maddening as soybeans...but still, the Metals can try you.

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