• 717 days Will The ECB Continue To Hike Rates?
  • 717 days Forbes: Aramco Remains Largest Company In The Middle East
  • 719 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,118 days Could Crypto Overtake Traditional Investment?
  • 1,123 days Americans Still Quitting Jobs At Record Pace
  • 1,125 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,128 days Is The Dollar Too Strong?
  • 1,128 days Big Tech Disappoints Investors on Earnings Calls
  • 1,129 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,131 days China Is Quietly Trying To Distance Itself From Russia
  • 1,131 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,135 days Crypto Investors Won Big In 2021
  • 1,136 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,136 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,139 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,139 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,142 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,143 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,143 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,145 days Are NFTs About To Take Over Gaming?
Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

  1. Home
  2. Markets
  3. Other

Silver Market Update

Silver broke down from its long-term uptrend line and from its large symmetrical triangle pattern early in July, but the break was marginal and the important support at $6.80 held. Thus it remains in a sort of limbo, pending a decisive breakout that will signal the direction of the next significant move.

In this situation it is wise to presume that the larger trend remains up, at least while the aforementioned support at $6.80 holds, especially as the dollar advance appears to have run out of steam and a number of silver stocks have marked out exceptionally bullish long-term chart patterns, which is hardly what you would expect to see if silver was about to go into a significant decline. Some of these silver stocks have been highlighted on the site in recent weeks.

Silver and silver stocks should be accumulated on short-term weakness, in the expectation that the larger uptrend will reassert itself, and the current situation has the advantage that fairly tight stops can be employed to limit losses in the event that it breaks down.

The COT figures are encouraging, as the accompanying chart shows, being at the most bullish (or least bearish) for about a year. The open interest is still rather high, however, indicating that we may see some more weeks of floundering around before a decisive move occurs.

Back to homepage

Leave a comment

Leave a comment