I Am Bullish Silver Prices

06 Nov in Blog, commodity trading, copper futures, futures trading, gold futures, Mike Seery, palladium futures, platinum futures, seeryfutures, silver futures

Silver Futures--- Silver futures in the March contract settled last Friday in New York at 17.91 an ounce while settling this week at 18.50 up about $0.60 for the trading week as I am now recommending a bullish position while placing your stop loss under the 10 day low which stands at 17.82 risking about $700 per mini contract plus slippage and commission. The chart structure in silver is outstanding as prices broke out of a very tight 4 week consolidation as the bearish trends in many of the commodities are coming to an end despite the fact that the U.S dollar is still hovering right near an 8 month high as silver prices still look cheap in my opinion.

If you have been following any of my previous blogs you understand that chart structure is very important coupled with the fact that the risk/reward is in your favor meeting criteria, so I will play this to the upside as the chart structure will not improve for another 5 days.

Gold prices have also broken out of a tight channel and I'm keeping a close eye on that market as well, but I will initiate the silver trade first as the U.S election is this Tuesday as that certainly will send volatility back into many commodities and stock prices Wednesday afternoon.

Silver prices are trading above their 20 day but still below their 100 day moving average telling you that the shorter-term trend is mixed, however a true breakout has occurred so take a shot.TREND:HIGHER---CHART STRUCTURE---EXCELLENT


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