Long

All eyes on Silver with CPI data coming out this week

Updated

Trade idea:

We have a resistance level sitting at 23.2 on the XAGUSD pair that should turn into a breakout level once it is broken. This is my trade plan:
- Short consolidation on LTF at around 23.2
- Break of 23.2 is my entry level
- Target 1 @ 23.6
- Potential Target 2 @ 23.9 if we see a clean break of 23.2 and a fast move to T1
- Stoploss @ 23.05
- Risk-to-Reward 1:2

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Make sure to keep an eye on the dollar and gold if you are trading this

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Gold scratched the resistance level at 1930, Silver the next mover?

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DXY should move reversed to PM, if we see a sharp decline on dollar and we are at around entry, extra confirmation to trade

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This scenario makes sense when you look at major FX to dollar

Trade active

I am long

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Bit of room on the trade, lets see how long it will take for this to be in the money

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DXY holding steady, hope we see a reversal soon and more influx on Gold

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So we should see some volume coming into precious metals soon, otherwise I will reduce my position and get the size in line with my risk.

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Very slow development so far, hope to see more action on this as we get nearer to CPI data release on wednesday

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Gold starting to edging higher, we should see silver make some try too

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So we are seeing some upside in PM as we get nearer to Stock open

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Gold looks sharp to breakout

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High open on SP 500

Order cancelled

Closed long due to volatility, will try again once we appraoch resistance level

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Let us see if we get a second try on this today

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This trade idea is becoming active again as we are approaching crucial levels

Trade active

Entered trade at 23.21

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The target area is 23.65

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Idea still active and trade still active

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Trade looking better and better

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Trade idea playing out well so far

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My plan is to take 75% of my profits at my T1

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If anyone is trading this with, please let me know what you are thinking of this trade setup and what your plans are!

Trade closed: target reached

Closing trade here as we are heading into FOMC and good enough, near to T1, thanks for trading this with me!

TraderCHgold

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