Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Silver's Next Challenge
November 9, 2021 - (Gold Market Wire) - Silver registered another strong day yesterday, taking on a 1.28% increase on the day and putting in a high right at the $24.50 mark - (well, $24.51 to be exact). Those .50 cent increments keep working.
It was a solid day, as none of our downside targets got triggered, and we rode the full length up. But as that little guitar wonder once opined, "parties aren't made to last"... and so we might be, at least, ready to turn down the volume on the music, as the chart tells us we are approaching a 'witching hour'.
The downtrend is now right at the $24.50 mark, and we can already see how the market is shying away. On the other side of the equation, the 100-day moving average folded like a cheap suit. The market remains strong, but we could get a pull back here. We have only a limited amount of time to cross that downtrend and get through $24.50 into more rareified air. It's going to be a challenge. We're holding the channel, which is another positive.
We're going to cut 2/3 of the position right here and now. And see how we develop. If we blast through, convincingly, we will wait for a retracement and take the length back. But for right now, we take money off the table and pocket it. That is, after all, what this game is about.