Precious metals are moving sideways for the last 30 days or so, unable to establish a clear direction.
Silver, in particular, shows overlapping price action which suggests that the preceding immediate trend will continue.
During the last few weeks, prices moved well within an upsloping channel. Looking at this channel we can see how well the mid-price of this channel has acted as support and resistance level.
Now that prices have broken out of this channel, it is only fair to expect a continuation of the short-term downtrend.
Prices are still just below the channel, testing it for resistance from below.
I am looking for short positions on a new low at or around 24.10. Stops should be placed about $2 higher where prices will overlap with the low from 8th of September.
I will be looking to get out of this trade, as soon as, we hit the low from 24th of September as that area should provide huge support.
Silver, in particular, shows overlapping price action which suggests that the preceding immediate trend will continue.
During the last few weeks, prices moved well within an upsloping channel. Looking at this channel we can see how well the mid-price of this channel has acted as support and resistance level.
Now that prices have broken out of this channel, it is only fair to expect a continuation of the short-term downtrend.
Prices are still just below the channel, testing it for resistance from below.
I am looking for short positions on a new low at or around 24.10. Stops should be placed about $2 higher where prices will overlap with the low from 8th of September.
I will be looking to get out of this trade, as soon as, we hit the low from 24th of September as that area should provide huge support.
Trade active:
The entry was triggered. SL remains at $25.82.
Trade active:
Prices have crossed the October 6 low. It is now time to move our stops to the break-even point.
Trade closed: stop reached:
Unfortunately, we have been stopped out at BE.