Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Indecisive Silver Tests Horizontal Support
February 17, 2021 - (Gold Market Wire) - Silver is sitting down on horizontal support at $27.00 and trying decide which way to move, as the market goes flat. The chart lays out the market, and the failed uptrend.
![](https://cdn.prod.website-files.com/5d754afa7a6dfa49fd253976/602ce88129ef301ec3f6134b_Screen%20Shot%202021-02-17%20at%2010.54.19%20AM.png)
As we enter eight sessions of drifting between $27 and $28, we can safely assume that volatility is being crushed. The above chart is clear as to the attraction of the $27.00 level from above and below the market. We may yet find a catalyst in the US Dollar / Euro, which has turned around from the recent bout of Euro strength. No matter what the nay-sayers spout - the US Dollar is not collapsing, and doesn't look likely to anytime soon. The gaps at 1.21 and 1.20 have been exceeded. The Dollar has defended itself well.
![](https://cdn.prod.website-files.com/5d754afa7a6dfa49fd253976/602ceabd93c8a91ba4c5a8e0_Screen%20Shot%202021-02-17%20at%2011.03.57%20AM.png)
There is nothing Euro=positive about the above chart. We remain, fairly on our own, a Dollar bull - which the Goldbugs hate (which they really shouldn't). The retracement down for the Dollar was a fairly unconvincing affair; failing to close above 1.2150...which, in fact, became an intra-day double top. So we stay with what we've had for some time now: Short the Gold/Silver ratio and long the US Dollar. We see no reason to change that.