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Commodities

GLD, SLV under pressure

I entered into a long SLV position couple of days back when I believe that it will bounced off the support level at around $28.

But with Thursday sell down on SLV and GLD, follow by Friday’s SLV dipping below the support level, it is best to close off the position with minimal loss.

The pressure on GLD is worse as the price action on the chart shows a gap down with GLD now hanging just at the kumo support.

The Tenkan sen has crossed the Kijun sen downwards with bias on the bearish side.

SLV is still trading above the kumo. But, I believe if GLD is going to fall, SLV will follows.

I will be watching GLD for the next position.  On the Weekly chart, $126 is good support

By iam802

Trend trading with Ichimoku