The biggest trade I've made in over a year. 40% of trading account. Gold is close to breaking out to new highs and when that happens silver moves even more violently to the upside. The most leverage without using actual leverage or derivatives is by buying stocks of companies that mine silver. A good ETF that holds them is SIL. I think SLV is gonna go to 26 fast, as soon as it blows through 22.5 and if that happens target is 40 for SIL. Stop on the trade is a daily close under $170 for GLD.
Trade active
Looking good. SIL appears to be breaking out of a cup and handle. So does the gold miner ETF, GDX.Trade active
Slow start but precious metals may be ripe for breaking out here shortly with the fed turning more dovish yesterday.Note
Trade still on but timeframe will need to be extended. Stop is a close under 28 on SIL or a stop under 168 for GLDTrade closed: stop reached
Stopped out. will look again if SLV breaks through $22.5. Next time will include a time limit in this trade as in if it does not do what I expect within a period, a week in this case, drop the trade at end of the week.
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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.