Silver is near that 50ma and the top of structure resistance as shown on my chart prior. Silver has shown selling pressure on the prior push and now it’s lingering showing limited buying pressure. For a trader this is a low risk short with a clear and tight stop. As I’ve said before…no bias or silver hating here…just pointing out a obvious and sound trade setup.

Silver coming into daily resistance. This has been trending so clean I’d be shocked if this zone I drew out didn’t hold. Plus the MASSIVE volume on the paper markets seems to tell me there’s a good chance of a temporary bottom there. Clean resistance, with the trend….good place to try getting short. My strategy would be to enter half at the low resistance and then scale in the other bit if it penetrates into that resistance zone. From there you have a clear stop and a good cost basis.

Good luck

Toot Toot!
I had to toot my own horn on my 2 silver shorts (red circles) called here on TB. Targets worked out very well also.

The 200ma/structure support would have provided a safe shot at a long with a tight stop this last go round. BUT my bias was short based on how many times it had tested the $16.50 level and the USD move.

DOWN WITH THE EURO?

I’m looking for another down move in the EURO and i think we are starting to get a decent shorting op here.  The Euro has tested these recent lows 3 times now. It is rare to see a triple bottom, the move tends to go with the third test. With that in mind I am looking to start picking away at a short position, I expect a break of those lows and have target right infront of the fib projections, see chart below.

Gold, not all that shiny anymore is it?

We got the blow off top as the first sign of weakness. Now we had sizable volume come in at the resistance of the downtrend and moving average cluster.

Target one would be the structure support line, target two would be the base of the down channel. Pretty tight stop on this guy at probably $963, well worth the risk for the potential downside IMO.