Silver outlook remains positive [Video]

Jason Sen DayTradeIdeas.co.uk

Silver beat strong resistance at 6290/6320 for a buy signal targeting 6490/6520.

We made a high for the day exactly here.

Silver then collapsed to the support level at 6320/6300 (posted in the Telegram group) and made a low of the downside correction here.

There was a small recovery to 6369 by the close.

It is entirely possible that we just range in between strong support at 6310/6290 and Friday's high at 6490/6520, throughout Monday's session.

However, a break below 6250 risks a slide to 6190/75.

I'm going to stick with my strategy of buying at support levels, expecting that silver has resumed the longer-term bull trend.

However, longs need stops below 6160.

The 6490/6520 level is not a resistance to me, We just happened to hit this target and reverse on Friday. So a short position would be risky here on Monday.

However, a break above 6535 should be a buy signal targeting 6575/90 & even 6650/6670 is possible.

Author

Jason Sen

DayTradeIdeas.co.uk

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens.

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