SILVER TRADE ALERT (2:15 pm EDT)
Today silver prices are breaking below our tight stop loss at $16 (technically there is support down to $15.95, but at the time of this writing that is breaking as well). While there is still a chance of silver finding support here and bouncing, it would be prudent to sell our longs (if they haven't been sold already) and stand aside this volatile metal for now. I am going to remain long, however, in my gold position as some technical data are still supporting the idea of more rallying. The U.S. Dollar Index may be breaking down from its parabolic uptrend, and if so we could see it move quickly to the 94-95 area. This could push gold prices higher, at least short-term. Our stop loss for gold is at $1180 (which is above our entry price around $1160) so we are well positioned and insulated from loss should this metal turn down. Selling silver long positions but holding my long positions in gold.
Today silver prices are breaking below our tight stop loss at $16 (technically there is support down to $15.95, but at the time of this writing that is breaking as well). While there is still a chance of silver finding support here and bouncing, it would be prudent to sell our longs (if they haven't been sold already) and stand aside this volatile metal for now. I am going to remain long, however, in my gold position as some technical data are still supporting the idea of more rallying. The U.S. Dollar Index may be breaking down from its parabolic uptrend, and if so we could see it move quickly to the 94-95 area. This could push gold prices higher, at least short-term. Our stop loss for gold is at $1180 (which is above our entry price around $1160) so we are well positioned and insulated from loss should this metal turn down. Selling silver long positions but holding my long positions in gold.
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