Had a positive week last week, which is always nice. Im keeping my 1/3 from last week with TP 17.3 and moving SL to 16.5 from 16.4.
Now on to my call for this week.
Its no secret that silver and gold tend to follow. I find that gold usually leads silver. Now looking at gold longterm:
It seems we have a downtrend from 2011 creating resistance and an uptrend from about 2005 providing support.
Like the run in 2016 gold had, were looking at a potential golden cross of the 100 and 200 DMA. It hasnt happened yet, but the 50 DMA has crossed both 200 and 100 DMA. We do however have heavy resistance at about 1275 this week from downtrend. Keep this ind mind, were very close to resistance, which could push us back to 1120ish, but with potential to possibly break soon.
Lets look at silver:
Looks similar. We have strong resistance at about 17.8 and strong support at about 16.1.
Looking at the 2H chart were right at resistance/close to kumo break, which could lead us to 17.3. However i never enter at resistance. I go long at support at short at resistance. A possible entry could be at around 16.7 with support however.
Keeping in mind we still have resistance at 17.0x, 17.3, 17.6 and heavy resistance at 17.8-18.
Anyways enough charts for today.
CALLS:
- Keep my 1/3 position from last week TP 17.3 SL 16.5
- Limit order LONGPOSITION @16.7, SL 16.5 TP 1/2 17.05, 1/2 17.6
- Limit order SHORTPOSITION @17.38 SL 17.45 TP 17.2
Happy trading my brave silver soldiers!
I will update during the week, so be sure to follow.
/Flemming
Lets hope we can BRO DOWN end of week!