Thursday, April 17, 2008

Short silver at target ($18.750/oz)

Silver has reached a strong resistance level at $18.750/oz. Looking at the dollar action overnight, the greenback does not appear to be as bearish as it did yesterday. Gold is also pretty close to my target of $960/oz. I am shorting silver at $18.750/oz to hedge my short dollar bias, though I will be ready to cover at moment's notice.

Update: covered silver short @ $18.220/oz

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