Silver, Daily
My last post on Silver, March 18th followed a new 2016 high ($15.75) and a quick run up to my Target 1 ($16.10 ) later the same day. Target 2 was not achieved and the market retreated closing below $15.00 by month end with the 200 DMA proving a strong support area.
As the USD continues to weaken and commodities continue to strengthen Silver has rallied strongly during April and it appears almost inevitable that the May 2015 high $17.72 will be achieved, the next upside target would be 2015 high at $18.42.
Silver looks over extended on this short squeeze rally, particularly over the last two days. It has rallied over $2.00 since the beginning of the month which represents a very significant 14 percent move. My preference is to buy on a retrace to the $16.20 – $15.70 area with Target 1 at $17.72 and Target 2 $18.42.
Always trade with strict risk management and remember that your capital is the single most important financial aspect of your trading business.
Janne Muta
Chief Market Analyst
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.
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