Silver is roaring as the longer term cycle is up. We expected that the next short term low on FEB 3rd will be around the 22.5-23.7 price boundary based on the trading range given to us before JAN 28th, given the new insight gained from observing the chart action - the cycle low will still occur but more likely around the 24.30 to 24.60 trading range. Shorts should definitely be reduced at that point and longs considered. A daily close below 24.05 will very likely trigger selling all the way down to 22.8 - 22.3 area - but looking at the situation it is not expected to happen. We should always analyse all possible outcomes and use a simple stop loss order to protect our capital. Remember that futures trading involves a substantial risk of loss and is not suitable for all investors.
Have a peaceful weekend.
Have a peaceful weekend.
Note
Fresh update is already uploaded.Note
25.8 was the low. Will continue train the precision in price. A 5% slippage is not too bad given the magnitude of the swing - can be better.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.