Silver Breakout Through Daily Resistance

Direct from the desk of Dane Williams.

With silver making a v-shaped recovery back to daily resistance we were looking to trade the commodity from the short side as the zone looked to be holding.

However, it didn't take long for us to be wrong and as you can see on the Silver hourly chart below, price rallied hard to end the week.

XAG/USD Hourly:

I didn't get this one because my mindset was caught trying to trade from the short side, but can you see the opportunity that the market gave us to get long?

With price breaking through and making a daily close above that higher time frame resistance zone, there was an opportunity to flip and look for longs.

We then look for an area of short term resistance to be retested as support to get long off and manage our risk around - One such area is marked on the Silver hourly above.

I know, I know... Hindsight trading is the worst, but it's the type of clean setup that's worth sharing for the trading diary.

Best of probabilities to you,

Dane.