Gold, silver price favoring bulls – How to press a winning trade - Kitco NEWS

gamagana.blogspot.com

Love Gareth's Game Plan Trading Series? Get ready to level up your skills! 🚀 Discover Gareth's VERIFIED Investing Education Trading Series - the perfect opportunity to enhance your trading strategies and increase your profits.

Monday morning, I suggested an opportunity for a long trade in metals with a first target of $23.80 silver and $1930 gold. Spot silver hit $23.78 overnight, while gold has thus far stalled at $1905. It seems to me that the secondary target of $24.20 in silver would manifest if gold bulls can get over $1905 for the extra $25 up to $1930. Traders who entered silver can (perhaps should have already) decide whether they are happy with long side scalp.

The 2-hour chart below shows the gold price breaking out of the downward channel in effect since the late July top at $1985. The yellow box represents the $1930ish target

With the gold/silver ratio looking deeply oversold on the same timeframe, perhaps the way to press this metals trade is to take the money on silver and add to the gold position, especially if you're sitting on a $10 or $15 cushion on the gold.

I would continue to stay extra vigilant trading this market into Friday. That said, the turn in the gold-to-silver ratio has me thinking this swing trade may morph into a longer-term positional trade, one level at a time.

Thanks, and have a nice day.

Adblock test (Why?)

"trade" - Google News
August 23, 2023 at 08:40PM
https://ift.tt/4eOFYI9

Gold, silver price favoring bulls – How to press a winning trade - Kitco NEWS
"trade" - Google News
https://ift.tt/d2LYhTo