Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Silver Update (Take 2)
November 4, 2021 - (Gold Market Wire) - The market is settling back into its previous mode, now that the sell-off has abated. The relatively quick re-capture of previous levels reveals exactly how news-driven the sell-off was, and how insubstantial it actually is. Looking back we can see how the fibonacci retracement worked:
![](https://assets-global.website-files.com/5d754afa7a6dfa49fd253976/6183c2528eae26e23ec73985_Screen%20Shot%202021-11-04%20at%2012.18.31%20PM.png)
The answer is 'not bad, actually'. Especially the 38.2% which is right where we got back to back closings and openings on Nov. 2 and 3. The power downtrend is being bettered now. We need to hold this into the close today.
addendum: it looks like our original channel's demise was 'greatly exagerated' and has been resurrected.
![](https://assets-global.website-files.com/5d754afa7a6dfa49fd253976/6183f80bdb9bdf2214dcab94_Screen%20Shot%202021-11-04%20at%202.54.07%20PM.png)