I have hedged my forex portfolio with a short position in Silver. I expect this commodity to fall victim to a profit taking sell-off after fundamental data caused a rally. The factors which impacted Silver in a bullish fashion are now losing its impact and I expected a price action reversal back down to support.

We may see a false breakout above its resistance level which could extend up to the 18.00 mark from where I may seek to add to my short positions as the upside potential is rather limited while the downside potential remains attractive.