Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Silver Moves towards Resistance
July 11, 2024 - (Gold Market Wire) - Amidst what has been an otherwise dull market situation, punctuated by some surprising strength, Silver, our market leader, is approaching the overhead resistance. We are faced with the 'showdown'. Either we clear resistance and move higher, or our series of lower highs keeps the market in its grasp and we work lower.
![](https://cdn.prod.website-files.com/5d754afa7a6dfa49fd253976/668faa60acd5cf88be5fcbee_Screenshot%202024-07-11%20at%2011.42.17.png)
And a zoom in:
![](https://cdn.prod.website-files.com/5d754afa7a6dfa49fd253976/668faa3900c62207375d6384_Screenshot%202024-07-11%20at%2011.42.40.png)
Technically, the market looks tired. That is one reason why we have kept out of it for trading, (and why the core position is always there - to be held like iron). But the global security mess and the train wreck called the US (and EU for that matter) political scene is the 'gift' that keeps on giving. Indeed, when one considers the mess that the West is in - its hard to not wonder why we are not at $3,000+.
In this context, then, we ask an important question: "How does the West extract itself from this mess." Answer: "It doesn't." This is, it would seem, just another step towards the Gotterdamerung. Even a Trump victory, which supposedly resolves the Ukrainian question (which it does not) only means a focus on East Asia instead. Some consolation. And Europe is going to look after its own "security" without suicidal infighting? Not likely, at all.
Putin, who speaks frankly, even though the West has stopped listening long ago - has clearly stated that a re-assembly of the entire Western security architecture must be promulgated. Brussels and Washington will never agree to such a discussion. And seemingly, no matter how bad things get on the "war front" - they still, will never agree. Hubris is in control. This is not going to end well.