Silver Trade IdeasLooking at Silver there are two good opportunities that may come into play with a good RR potential.
First lets address the narrative... Gold both XAUUSD & XAUEUR are driving to the upside for new highs to be made prior to the elections, after which the narrative will need to be re-assessed. The COT data from last week shows 13,266 long positions were added bolstering price, making Long trading the go to, to follow the big institutions.
(cotperspective.com).
Tensions in the Middle East have heightened with Israel now attacking Iran.
Long Trade.
Entry- 29.88
SL- 50 pips (50 cents)
TP- 110
Confluences-
-Key Level with 3 touch points
-50% Fibo of most recent impulse
-Possible trendline 3rd touch timing dependent
-Alignment with XAUEUR can be assessed if price moves to area
Short Trade.
I'll be looking to short from the all time high of XAGEUR
Entry- 34.2
SL- 55 pips
TP- 190 pips
Confluences
-Profit taking
-All time high
-Gold alignment required
