FxWirePro Short-Term Outlook: Sell Silver targeting $14 per troy ounce

As dollar gain continues momentum amid forwarding march in U.S. equities, both gold and silver have come under intense selling pressure. After reaching a peak around $17.3 per troy ounce in mid-June to $15.8 per troy ounce as of today.

Based on the latest calculations, we at FxWirePro believe that the price has further to decline. Though we ourselves consider this call a late entry given that fact that the right price could have been as high as $16.2 area, we believe that money can still be in this trade with the reward-risk ratio as greater than one.

Trade idea:

Sell Silver at the current price of $15.8 per troy ounce with a target of $14 per troy ounce (likely to be extended) and the stop loss around $17.3 area.

Selling at rallies highly recommended to improve the average price of entry.