Dear Esteemed Members
Anybody with views on Silver.
It closed firm yesterday. It didn't look strong through the day, however in the last hour of the trade there was some buying taking the price up near the day's high.
IMHO, Silver is indeed looking verry strong and set to break 11500. Maybe very risky to short at this stage. I'm long in it since 11150 levels with a stop below 10800. Dont be surprised if it even goes past 11800.
SGM
I totally agree with you. Just that I have adopted a different method of playing it.
I went short at 11150 levels and seeing the mad rush taking it up to the Air Hostess (remember Sidhus commentary from World Cup) I decided to cover up. And then seeing the momentum went in and out in quick trades on the long side (less than 1/10 th of the original short quantity). Of course I followed every spurt closely. It was real fun.
As of this moment 425 past levels (day's high 446) I don't see it crumbling so soon. So I will prefer to watch for sometime ...till about 550 - 650 levels ... perhaps 700 odd levels if it goes and then go short with all force.
In case it shows signs of flattening out or some weakness in price and open interest, I would go short with a 750 odd stop loss level.....of course for a long profitable journey towards the downside.....err rightside.
Good Luck and don't worry, it is going to come back to earth at worst by mid-Nov.
IMHO, Silver is indeed looking verry strong and set to break 11500. Maybe very risky to short at this stage. I'm long in it since 11150 levels with a stop below 10800. Dont be surprised if it even goes past 11800.