April 16, 2021 - (Gold Market Wire) - Gold and Silver are consolidating after yesterday's move higher on news of US sanctions against Russi that will prohibit US Banks from purchasing Russian sovereign debt. Of technical importance, the downtrending Silver channel, with us since the beginning of February, has been negated, and the 100-day moving average has been bettered. Weekly closings above these markers will be very bullish, and today's close looks likely to be an interesting gauge of bullish sentiment.

‍

Adding in the power uptrend we get:

Yes, the reversal turned out to be the real deal: Institutional money positioning itself. That bodes well for the bulls. We are about to take on the 50-day moving average, which a gambling man would say stands a poor chance of repelling this move up. Indeed, length is the place to be for the trading book. Let's keep an eye on the power uptrend, to pick a place to shed 1/3 (as Jim so often prescribes), and hold the balance if we move under. This market has a room to move higher, and the rally has likely only just begun its next chapter. Core positions, as ever, should be held firmly. Investors should be adding to length here, with a long-term, i.e., 1-3 year time frame.

Supporting the bullish posture, we have a significant move in oil prices developing, which looks on the verge of breakout. There can be little doubt. The commodities complex is roaring back to life.