Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Trend Line Touch Down
September 8, 2021 - (Gold Market Wire) - Yesterday's advisory to shed 1/3 to 1/2 of length anticipating a pullback to the trend line has worked out. Now, following the discipline, we take that length back on. It's a traders' market, and so - we behave like one. Shedding length as we rise and re-loading at better levels. What's not to like. It's a value play, after all.
We've been repelled three times at the 50-day moving average, and it's coming into view again. As well as our horizontal resistance, which indicated our move to lighten the length - these are the hurdles we need to clear. The set-up is fairly clear. A moderately steep uptrend, being hounded by those two hurdles. Right now our trend line says re-establish length, and so we do, but we remain wary. We're not inclined to take back the full amount, as we still remain long from lower levels, and we must admit a light skittishness.
So nimbleness is the order of the day. Re=establishing the length we shed higher - and a wary eye on the trend line. No time for heroics... but a nod to the discipline, still.