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Trading plan for Silver for July 31, 2020
Technical outlook:
Silver has lagged behind its counterpart Gold and has not been able to print above $26.20 highs today. This is also a kind of bearish divergence which traders should remain watchful off. A potential top might just have been carved out at $26.20, and a break below $22.30 would certainly confirm that the trend has reversed. Immediate support is seen around $21.00, followed by $19.00, while resistance is seen towards $26.20 respectively. It would be considered safe to remain flat for now but plan to sell on a break below $23.00, going forward. The recent boundary which is being worked upon is between $26.20 and $22.30 and a fibonacci extension reveals a potential drop towards $16.00 levels, going forward.
Trading plan:
Aggressive traders remain short against @ 26.20, target is open
Conservative traders sell on a break below $23.00, stop @ 26.20, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Nice post! There’s a lot of people trading silver. The best tip I can give to the newbies is that to trade as you will trade any other. Set your stop loss and reduce the risk to a minimum.
Some people say that the best time to trade Silver is from 7:00 to 17:00 GMT.