Profit Taking in the Silver Rally Using SLV

24 days ago

Mike Preston

"If you find that you're feeling overly greedy as the daily moves in silver continue, consider taking profits by selling incremental portions -- say 10% at a time -- once the rally pushes prices significantly above key moving averages. Its a pragmatic move when your technical dashboards show that the silver rally, as represented by SLV, is stretched."

Mike Preston of New Harbor Financial recommends an actionable trade strategy in the precious metals area. He suggests that investors in silver, particularly those holding SLV, should consider incremental profit taking if technical indicators (such as breakouts above key moving averages) show the rally is becoming overextended. This action is intended to lock in gains during the current bull run while reducing exposure as the move nears exhaustion.