Silver and gold head to the basement

Murali Sarma Trade Guidance, LLC

Yesterday the USD index marched higher sending the basket of currencies it is usually measured against, much lowe and most Forex pairs tied to the USD pulled back sharply. Today, the scene is a bit different but precious metals have not seen much of favor from the USD giving back about a quarter basis points. Silver and Gold both continue lower as you will see from the charts and trade ideas below which we are currently actively trading since early Monday. Gold has a 1796.9 price target and Silver to 22.920 as you will see from their charts below. Our entries short for Gold was 1835.2 and for Silver 23.560. Just now, we elected to have a trailing stop. Stops are the red line [red dashed line for Silver which has the uncanny ability to always go and test the 76.8% Fib level] and the green dashed line is the trade profit target.

Chart of Gold

Chart of Silver

Author

Murali Sarma

Trade Guidance, LLC

Murali Sarma is a private investor and trader, dealing in currencies, commodities (grains, energies, metals, bonds, indices) and stocks.

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