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Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Opening
Silver: The Channel Takes Control
August 25, 2020 - (Gold Market Wire) - Silver's recent rally has stalled out, and the Channel described in the chart below is now firmly in control. Consolidation is the order of the day.
The downtrend continues to hem in the price action and consolidation is the order of the day. Our advisory last week that the market needed to get a move on now seems prescient. The failure to follow through and challenge $30 /.oz now leaves the precious metals arena languishing. Until the downtrend is cleared for 2-3 days - and preferably on a weekly or monthly close - we can expect more of the present action; a slow drift lower.