Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
November 2, 2021 - (Gold Market Wire) - No matter how bullish we are, we must always be cognizant of the fact that the trader's remit is to challenge their assumptions and try and be open to a subset of seemingly contrary prognosis. The ability to change one's mind is what stops trader's from getting married to losing trades. It allows the trader to pivot, and often, in that pivot, save oneself from oneself. (Of course, it can also lead to 'tail chasing' in the market like a vacillating neurotic.)
With all humble attempts at objectivity in mind, we submit the following:
We are reaching, in our humble opinion, a market point where Silver will either have to rally and take on the challenges of the horizontal markers..or slip below the trend line and pull back. The simple fact is, we should becharging now -and we're not. Of course this 'idea' of ours, which is no more than opinion, relates to the recent rally and pullback we've had in the past 21 or so trading days. So far so good - but now that we rallied from roughly $21.50 to $24.50, and pulled back towards the trend line, the bulls need to charge. Let's see if they have it in them.
We're going to need to stay above this trend line (of course) to get on to those horizontal markers... and if we don't, we will have no choice but to scale back the trading position, taking the profit that is in the position.
Bottom line: the market needs to get a move on in the next two days. If we are weak going into Friday, we could be getting set-up for a proper sell-off.