BombayBulls

Silver - Is There Any Silver Lining?

FX_IDC:XAGUSD   SILVER / US DOLLAR
10 0 0
Much has been written about the demise of gold             and possibility to drop below $1000 level but things are relatively calm about its usually more volatile cousin - Silver             . Short term traders are not going to get much from silver             because we are going to talk about much bigger picture here. 15 is very important level for silver             because before the journey to the outer space, silver             traded near 15 for almost 5 years between 2006 and 2015. But anything near 10 will interest us and from there we can start trading it from long side whenever a sizable dip materializes. Currently 16 is looks like a big resistance followed by huge resistance at 17.50. So for short term - short at 16 looks like a good idea. If it can somehow manages to go near 17.50 then we can take sizable short position. Other than that we can wait for it to drop near 10 and hope for easy money reaping process of rinse and repeat from long side in 2/3 dollar band. Without better entry at the support / resistance levels mentioned above, outright futures trading can be detrimental to the health as well as for the portfolio. But good that we have ETFs here and there care couple of strategies we are applying here by selling premium on upside bounce and waiting to sell premium on puts during big dip.
You can visit our gold             trade idea as a link to related trade ideas.
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