Silvery Silver

[comerciante_inde]

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.

 

[Mareeche]

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.

 

[comerciante_inde]

Friday 7.10.05, 3:36 pm

Hi,
I wish.... only if I knew 11300-500 will be the very next day

Silver looks v strong today. Hold a yesterdays short position @ 11137, went short one more lot @ 11398 (current high 11425)

My next order will be buy 1 lot @ 11280 and stop loss for both the lots is 11650 . still Aiming for 10500

Wish You all Profitable Trades!

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.

 

[Mareeche]

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.

Silver (Dec MCX) closed at 11494 (high of 11497)! and still no signs of tiring..

 

[comerciante_inde]

Silver (Dec05) at 11544 this moment.

 

[Mareeche]

Silver continuing on its Northward march..last i checked was around 11646 Dec MCX

 

[comerciante_inde]

Now at 11724 (day's high 11735).

One interesting point, open interest has come down a bit. Apparently Short covering and some profit booking.

11780 - 118230 should be an interesting band to watch, that is if it reaches there.

 

[Mareeche]

Silver continuing on its Northward march..last i checked was around 11646 Dec MCX

Necessary correction seems over and its back on its sprint. 11800 and then 11900 should be a potential target..if not more!!

 

[Mareeche]

Silver as well as Gold seems active once again. Gold has potential to go past 480 USD). Silver atleast another 100 or 200 rs from here (mcx rates)