Good morning fellow traders
With recent bank failures, precious metals have a strong backing in demand, therefore looking for a long swing position makes more than just sense. As Gold is pushing for its 3rd weekly advance, silver has been consolidating firmly around 22 USD. We saw some rejections, one happening yesterday with the rate hikes being priced in by the ECB, yet we still are holding the consolidation. This gives me confirmation that 1. we have resistance at 22 and 2. with pretty erratic bounce-offs, Silver has been recovering every time. Therefore I will be looking for an entry on Silver today, hopefully positioning myself for a Swingg trade on the white metal.
Please join me on my trade! Here is my game plan:
- Gold needs to trade in the same direction as Silver (I am already long Gold)
- Silver needs a clear break above 22 but not pushing up further than 20.30
- We should get a clear move here, yet it should not be a big move
- Silver needs to bounce off 22.2 area and retreat to 22
- 22 needs to be held, not much slippage under 22 allowed
- Entry upon reclaim of 22
- Target1: 22.60
- Target2: 23
- Stoploss: 21.6 area
Smooth execution on this trade could allow you to find an entry swing position that could allow you to get great profits. Be sure that you understand the idea before executing, if you have any questions, please do not hesitate to leave a comment or text me directly.
Make sure to leave a follow and like if you enjoy my content!
Have a good one legends!
Best
CH
With recent bank failures, precious metals have a strong backing in demand, therefore looking for a long swing position makes more than just sense. As Gold is pushing for its 3rd weekly advance, silver has been consolidating firmly around 22 USD. We saw some rejections, one happening yesterday with the rate hikes being priced in by the ECB, yet we still are holding the consolidation. This gives me confirmation that 1. we have resistance at 22 and 2. with pretty erratic bounce-offs, Silver has been recovering every time. Therefore I will be looking for an entry on Silver today, hopefully positioning myself for a Swingg trade on the white metal.
Please join me on my trade! Here is my game plan:
- Gold needs to trade in the same direction as Silver (I am already long Gold)
- Silver needs a clear break above 22 but not pushing up further than 20.30
- We should get a clear move here, yet it should not be a big move
- Silver needs to bounce off 22.2 area and retreat to 22
- 22 needs to be held, not much slippage under 22 allowed
- Entry upon reclaim of 22
- Target1: 22.60
- Target2: 23
- Stoploss: 21.6 area
Smooth execution on this trade could allow you to find an entry swing position that could allow you to get great profits. Be sure that you understand the idea before executing, if you have any questions, please do not hesitate to leave a comment or text me directly.
Make sure to leave a follow and like if you enjoy my content!
Have a good one legends!
Best
CH
Comment:
Gold is moving, Silver lagging behind, still valid trade idea.