Short Term Silver Plays

[Lil Miss Markets 10]

With Silver trading at 39.50 while writing this the near term looks bleak on the long side. As much as we have enjoyed buying dips, we recommend watching the 40.00 level to sell in the near term, as it should hold up as resistance. This is where the risk management has to come into play, keep a tight stop if filled at 40.50 and keep it trailing behind as it moves into your favor, if the market stalls on the way down and you see the volume dry up on a 1 hour chart, take profits and sit back for another signal, now's not the time to look for "home runs", playing the short side of metals can be a tricky play. If we see the market close above 40 without new lows 40.60 can come quick. Really quick!

[Lil Miss Markets 10]

And filled. Silver hit our 40.20 level. Currently trading 40.08 Whew!