Shorting Silver before a Breakout

Shorting Silver before a Breakout




Shorting Silver before a breakout, with silver looking to have been trading with in a narrow range for a good couple of years as shown by the bottom Tradingview weekly chart.

Within the narrow range we took our opportunity to take a quick short trade on silver, price had reach the resistance level, so after hitting this level it was struggling to breakout still, after placing our trade, price then took a sudden drop similar to the previous drops as shown on the daily chart below.

We know that price will have to breakout soon, and our conclusion is it’ll head for an upward trend, when, this we are unable to speculate at this time, the is a build up of orders appearing below and around the 1650.0 area, whether these buyers have the strength to help price breakout of the current range soon and even take price slightly highers is again hard to speculate but could be possible.

We as always had been thankful for our analysis help us to a profit of £60.10 for the fund, we could be keeping a close watch on silver for more opportunities, perhaps not to short and more or a buyer potential.

Shorting silver

 

Silver on the Tradingview Weekly Chart.

shorting silver

(Our trading and image was done using an account with UK based broker IG)

*Please Note, Binary Options and Forex trading can carry a high level of risk to your capital as you could lose all of your investment. These products may not be suitable for every investor, therefore ensure you understand the risks and seek independent advice. Invest only what you can afford to lose. We are NOT financial advisers and we do NOT offer financial advice. 




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