Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Silver's Uptrend Gives Way... NASDAQ Called 3% Lower
September 8, 2020 - (Gold Market Wire) - Silver's uptrend has given way now and its sell-off is accelerating. We've bounced off the horizontal support, but any idea of recovery is highly tentative now. The chart tells the story.
There's no big surprise as to why. With the US market coming back from the Labor Day weekend, and the country edging towards the most contentious US Presidential election in a century, the bears are out in force. As we warned after our market exit last week, late August, September and October have a bad history in equity markets, as most traders are well aware, but forget all too often when carried away by euphoria.
Those who took up our idea for a gambler's spec short in Gold have done well. We're in the money about 1%, but that should accelerate with the New York opening. We see no reason to close out yet, and are happy to let the spec ride. The stock market looks ready to get ugly today, Get set for a fairly scary/exciting ride....depending on your market disposition.