Silver Could Follow the Bearish Way of Gold

EagleFX Team EagleFX

Silver prices moved mostly upward in the intraday session; however, Gold fell, likely looking for a new monthly low. In this post, we'll review our arguments for anticipating further declines in Silver.

1. Silver and Gold are positively correlated, and there exists a possibility that Silver would follow the same bearish direction of Gold.

2. Similarly to Gold, Silver runs in an incomplete bearish wave C. Thus, it's likely a bearish continuation.

3. A short position will trigger if the Silver price drops and closes under $17.00 per ounce with a conservative target at $16.78. If price action extends its declines, Silver could plunge to $16.61 and $16.29.

4. Our bearish scenario will be invalid if the price moves up and closes above $17.20 or if Silver pierces but doesn't close below $17 per ounce.

Trading Plan Summary

Entry Level: $17.00.

Protective Stop: $17.20.

1st Profit Target: $16.78.

2nd Profit Target: $16.61.

3rd Profit Target: $16.29.

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Author

EagleFX Team

EagleFX

EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and

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