FxWirePro: Sell silver targeting $10 per troy ounce

December proved to be a fantastic month for the whitish metal, which after finding support around $13.9 area, jumped to $15.5 are per troy ounce. However, this good fortune is unlikely to last long, as our calculations suggest that the whitish metal would break below its key support around $13.8 per troy ounce.

The majority of the silver’s good fortune was the result of the weaker USD and risk aversion stemming from selloffs in equities, which we expect would change course gradually, though we expect the U.S. benchmark stock index S&P500 to decline a bit further and reach our anticipated target around 2275 area, https://www.econotimes.com/FxWirePro-Sell-SP500-targeting-2275-in-short-term-1470823

We expect the next round of weakness in Silver to be the result of the strong USD, which is likely to recover after the December selloff. In addition to that, the economic slowdown in China is also likely to weigh on silver price. China is the single biggest user of silver.

Trade idea:

Sell Silver at the current price of $15.46 per troy ounce with a target of $10 per troy ounce and with the stop loss of around $17.75 area.