FX.co ★ Trading idea for silver

For the past 4 days, silver has been retracing and has reached above the 61.8% Fibonacci level.

Taking this into account, it would be best to work for a fall, the strategy for which is presented below:

Since the quotes form a wave pattern (ABC), in which wave A is the bearish initiative observed late February and early March, traders can open short positions in order to set off a 61.8-50% retracement from $ 26.2-26.5. Place limit at $ 27.5, and then take profit as soon as the price breaks through $ 24.6 and $ 21.6.

This strategy follows the classic Price Action and Stop Hunting methods.

Good luck!