Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Opening
The Competing Faces of Silver
April 9, 2021 - (Gold Market Wire) - On the face of it, Silver has everything going for it. The US Dollar rally has paused, the international security situation is being seriously eroded, and a nice inside rally has taken place. But, as we warned earlier this week, chasing action is usually problematic in terms of execution. As our chart shows, yesterday we touched right on to the 100-day moving average, but then retreated. We have now traded a full percentage point lower on the day. While our downtrend from February has been negated - we are still in a trending channel lower (see chart). Oh what a tangled web we weave.
We look ready to face a day of reckoning very soon. The 100-day moving average, the channel line and horizontal resistance around $25.80-.87 are all converging - setting up nicely for a showdown. The GMW view - only an opinion - is that we will likely resolve to the upside. But we must wait for the markers to fall. If they do, we must be ready to pull the trigger. With Russian troops massing on the Ukranian border, and a weekend looming, New York may take the market up through resistance. Needless to say, the close today will be a very interesting one. Bullish, but patient, is the stance.