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As we all know, the movement of silver usually correlates with the movement of gold. However, with regards to the recent plunge of the yellow metal in the market, which is used by many traders to gain long positions, analysts believe that it will not be the same for silver, as apparently, the metal's decline is not nearing its end yet. In fact, it is only starting.
To add to that, silver has a very high target level, which is 21.6.
In fact, if we look at the daily chart, we will see that the quote has formed a wave pattern (ABC), wherein wave "A" is the downward movement last January 6-8.
Taking this into account, it would be best to work for a fall, following the strategy presented in the picture above.
As for long positions, it would be profitable to open them from the 61% and 50% retracement levels. Then, the target level should be 21.6.
Of course, this would be relevant only until silver trades below $ 27.
At the same time, it would be best to avoid building up long positions in gold.
Also, risks are needed to be monitored to prevent any losses. Trading is very precarious, but also profitable if the approach used is correct.
For the above strategy, Price Action and Stop Hunting were used as trading methods.
Good luck!
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