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Silver Consolidates - How to play the break

Silver Consolidates - How to play the break

2011-06-20 12:16:00
Walker England, Trading Instructor,

Silver (XAG/USD) is remembered this year for its parabolic run up to its $49.78 ozt high on April 25th of this year. Also to be recalled is the metals rapid decline of over 30% from this high in less than two weeks of trading. Currently Silver is testing long term support near $35.30 ozt. A break below would suggest another violent selloff, while a bounce could reasonably bring new highs.

Around the world silver is a commonly used industrial agent in building for its conductive properties. Fundamentally, demand increases for silver as economies are expanding and building increases. If the global economy grinds to a halt, the demand for silver may decrease as well. For a broader look at the fundamentals of Silver, I will be discussing this topic in detail on Thursday at 5am ET in our live webinar room. You can join me HERE , for a live trading discussion on metals trading.

Silver.06.20_body_Picture_1.png, Silver Consolidates - How to play the break

Price Action

Moving in to a H4 chart, we can see silver consolidating in a wedge formation. Currently, support is holding near $35.10 ozt. A breakout below our support level would imply that our current uptrend has finally matured and come to an end. A breakout above resistance ($37.05) would indicate a resumption of the trend and expectation of higher highs being formed.

Silver.06.20_body_Picture_2.png, Silver Consolidates - How to play the break

Trading Opportunity

My preference is to enter XAG/USD using entry orders. I would look to sell Silver below current support, near $33.00 ozt. Buy entry’s are to be placed over current resistance at $38.5 0 or better. Stops should be set to risk at maximum $2.00, and limits should potentially look to lock in a minimum profit of $4.00 per contract for a clear 1:2 Risk/Reward ratio.

Alternative scenarios include price continuing to bounce between support and resistance levels prior to a breakout.

Walker England contributes to the Instructor Trading Tips articles. To receive more timely notifications on his reports, email to be added to the distribution list.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.