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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US Bans American Banks from Purchasing Russian Sovereign Debt
US Bans American Banks from Purchasing Russian Sovereign Debt
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Gold Market Wire

News, analysis and commentary for gold traders and investors

Silver Market Update

Overnight Metals - Asia: Silver Takes a Breather while Gold Bounces

November 17, 2021 -(Gold Market Wire) - 'Nothing goes up in a straight line', is one of the precious metals aphorisms that it pays to pay attention to. It's what keeps us on our toes, and ets us out of dangers way - even in the hardiest of bull markets. So it has been the last two sessions.

We can see from the chart that the overhead resistance looked like it was about to bow down to the bull, but it has made itself known, and the charge was called off.

downtrend pushes a charging market back

The fact that our downtrend merged so closely to the loss of our power uptrend made it a perfect place for a pull back. A close up below:

our channel - with the overhead.

So, right now, we have a not unexpected pull back. Going forward we should also look out above, for the horizontal resistance at $25.65, which could offer a challenge. Are we set to drift lower? That's not foreseeable, but $24.50 would be a likely place for the market to seek shelter, as those .50 increments have been a real feature. But in the bigger context, Gold may provide some clues.

Gold Bouncing off the gap line in Asia.

When we add the power uptrend, we can see how Silver foreshadowed yesterday;s Gold 'spin out' near $1880.

power uptrend negated...big push higher fails to hold the line.

For those with a lot of length, this bounce provides a place to lighten up the length. We've had quite the run in the past fornight. A breather might be in order.

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