Strength in consumable industrial metals historically has almost always occurred on the back of strength in the silver market while it remains way more volatile in price as compared to gold varying in demand and supply in almost a clear cyclical pattern and, it has also occurred in conjunction with a recovery in the ratio of silver to gold prices. While gold prices in recent trading sessions has rallied after having stagnated in the 1600-1700 price range, we appear to have finally found some interest among buyers for some accumulation. For today, we do a simple price analysis for Silver and offer you a tradeable price range for entry into the March expiration contract along with the most current hourly chart.
Commodity: March'24 expiration Silver metal futures
Suggested entry range: 23.595~23.840
Suggested stop: 23.225
Suggested contract size: 1-3
Opportunities for scale-in if price continues lower below entry range? Only if price holds 23.225 and is at or around 23.240
Suggested profit taking price: 25.390
Estimated gain if entry at bottom or range: $8,975
Estimated risk from a stop out: -$1,850
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On the date of publication, Murali Sarma did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Disclosure Policy here.
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