Today's trade levels for Silver [Video]

Jason Sen DayTradeIdeas.co.uk

Silver

Silver just consolidated sideways again yesterday for the 5th day, still holding inside of Tuesday's range.
Longs at 6775/6750 worked perfectly yet again, with a low for the day at 6765, hitting all targets of 6825, 6860, then 6890 & as far as 6930/6940 for profit taking.

A high for the day just a little above here at 6969 so we caught most of the range, which is as good as it gets, especially in such quiet conditions.

Longs need stops below 6735 again today on a retest of support at 6775/6750.

A break lower can target a mega buying opportunity at 6655/6640.

There is a good chance of a low for the day here but longs need stops below 6610.

Longs at 6775/6750 can retarget 6825 & 6860, then 6890 & perhaps as far as 6930/6940 for profit taking.

We are likely to stay in a sideways range for a while longer, which means we will have low volatility and prices will keep reversing, so don't be greedy and take profits quite quickly!!

Further gains can retest resistance at the 6980/6990 highs. A break above 7000 is a buy signal targeting 7110/7130.

Gold will react to Warsh speech today on interest rates.

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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