03.11.202111:14 Forex Analysis & Reviews: Trading idea for silver

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Silver has been rallying very sharply in the past days. Unsurprisingly, it bounced back by about half of the previous movement, trading between the 61.8 and 50% retracement levels. This opens very good opportunities to take new long positions, as prices are at half the price of October's.

Looking at the chart, there is a double top in silver, which is a great target for bullish traders.

There are also three wave patterns (ABC), in which wave A represents the buying pressure observed last October.

So, based on Price Action and Stop Hunting strategies, traders could buy from $ 23.4 - $ 23 to the 61.8% - 50% retracement levels. Place stop loss at $ 22.2 and $ 21.5, then take profit on the breakdown of $ 25.

Market volatility will most likely surge today after the FOMC meeting.

Good luck and have a nice day!

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