Talking Points The trend is bullish, but the price is overbought, which may discourage fresh long positions. There are ...
Talking Points
The trend is bullish, but the price is overbought, which may discourage fresh long positions.
There are no market moving events on deck today.
On Friday I said ‘a break to the upper barrier at $15.60, may lift price to the February 12 high of $15.82’ something which has subsequently occurred.
Today, the short-term trend remains bullish and we may see even higher prices in the days ahead. However, with price being overbought and near to last week’s high of $15.82 the risk/reward ratio does not favor fresh long positions at current levels. A pullback to the $15.09 to $15.36 range, which constitutes a 38.2% to 61.8% correction of the rally from the February 29 low of $14.64, may tilt the risk/reward ratio in favor of new bullish positions. Please see chart below.
I will treat the trend as bullish as long as price trades above the February 3 low of $14.87.
The alternative scenario is a break to last week’s high of $15.82 and it is here that silver may reach its 2016 high of $15.97, with a break to this level open for a push towards the October 15 high of $16.23.
FXCM’s crowd positing indicator (SSI) shows that 73% of traders are currently net-short gold and therefore the projection is that there will be higher gold prices in the coming days ahead. Given silver’s strong correlation to gold, this may suggest that silver prices are also headed higher.
The trend is bullish, but the price is overbought, which may discourage fresh long positions.
There are no market moving events on deck today.
On Friday I said ‘a break to the upper barrier at $15.60, may lift price to the February 12 high of $15.82’ something which has subsequently occurred.
Today, the short-term trend remains bullish and we may see even higher prices in the days ahead. However, with price being overbought and near to last week’s high of $15.82 the risk/reward ratio does not favor fresh long positions at current levels. A pullback to the $15.09 to $15.36 range, which constitutes a 38.2% to 61.8% correction of the rally from the February 29 low of $14.64, may tilt the risk/reward ratio in favor of new bullish positions. Please see chart below.
I will treat the trend as bullish as long as price trades above the February 3 low of $14.87.
The alternative scenario is a break to last week’s high of $15.82 and it is here that silver may reach its 2016 high of $15.97, with a break to this level open for a push towards the October 15 high of $16.23.
FXCM’s crowd positing indicator (SSI) shows that 73% of traders are currently net-short gold and therefore the projection is that there will be higher gold prices in the coming days ahead. Given silver’s strong correlation to gold, this may suggest that silver prices are also headed higher.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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