SILVER – BUY LIMIT – 7th April 2021

SILVER – BUY LIMIT – 7th April 2021 (Closed)

Good morning team,

We are taking a look at silver anticipating a short term pullback from resistance before a continuation higher.

For those interested gold also appears to have bottomed out creating a double bottom formation and a weekly doji candle.

https://www.tradingview.com/chart/GOLD/EISkyrSK-Has-GOLD-Bottomed/

With the US government, FED and treasury all set to continue money printing through stimulus and infrastructure spending we see the DXY weakening over the medium term, which should provide a bullish outlook for metals.

SILVER 4 Hour Charts

Silver is currently testing the upper trend line of a potential bull flag structure.

SILVER 1 Hour Charts

Our ideal scenario is for silver to pull back towards the 61-38% FIB retracement. This will set up a possible inverted head and shoulders formation.

Trade Setup: BUY LIMIT – Entry price 24.60, stop loss 23.60 and take profit left open. 

Stop loss: 100 pips

Please check contract sizing, if you need a hand let us know in the live chat.

Trade Setup
BUY LIMIT

Entry
24.60

Take Profit
OPEN

Stop Loss
23.60