Silver seems to be stuck in a wedge on the weekly chart between 18.1 and 16.2 at the moment. I believe silver need some long term support before any chance of breaking the downtrend since fall 2016.
We have a kumo-break to the downside with a descending cloud on the daily chart. Resistance on top of cloud around 17.4 and fibonacci retracements from recent uptrend suggest 16.9 first possible support, then 16.7 then finally 16.45 close to uptrend trendline.
I believe silver needs to hit big support to get more movement to the upside.
The play to make this week:
Short@ current price level (17.1) at this time.
Open 3 shorts with SL 17.45
TP 16.9, 16.75 and 16.5
Sorry about the late call!
With the fed set to raise rates later this week, it'll probably be a short term setback for commodities.
That's assuming there are no shocks. Big ask with this administration. Nice charts and agree on those calls.
You read my mind :)
I think I may straddle SILJ
Straddles can be a very effective tool. Remember all of this is just advice.
Good luck with your trading my friend.
thanks for pointing out that wedge. This could be a very volatile week.
I write about silver. Here is my latest post: https://steemit.com/silver/@hgmsilvergold/if-you-are-a-silver-and-gold-stacker-this-is-for-you
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Interesting!
So might there be some crazy activity come the end of the year then? I hope so!
Extremely accurate predictions