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.

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.

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.

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