Sunday, May 17, 2015

Silver Sell Recommendation May 18th 2015

Commodity: Silver
Timeframe: Hourly Chart (H1)
Recommendation: Sell Silver @ 17.70
Take Profit @ 16.30
Stop Loss @ 18.50

I have hedged my forex portfolio with a short position in Silver. I expect this commodity to fall victim to a profit taking sell-off after fundamental data caused a rally. The factors which impacted Silver in a bullish fashion are now losing its impact and I expected a price action reversal back down to support.

We may see a false breakout above its resistance level which could extend up to the 18.00 mark from where I may seek to add to my short positions as the upside potential is rather limited while the downside potential remains attractive.

 PaxForex

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