Silver Futures—Silver futures in the May contract is currently trading higher by 16 cents at 26.24 an ounce as prices are right near major resistance on the daily chart. If you have been following my previous blogs you understand that I’m bullish on all commodity sectors and have many bullish recommendations at the current time and I do think silver prices will break the $30 level in the coming weeks ahead as I see absolutely no reason to be short.
If you take a look at the entire precious metals sector it continues to run higher as copper and palladium hit new contract highs once again today and multi-year highs as there is strong demand for this sector and that is not going away anytime soon.
If you are long a futures contract I would continue to place the stop loss under the most recent low which was hit on March 31st at 23.74 as an exit strategy as I want to give this trade some room due to the fact of the higher volatility that we are currently experiencing.
Silver prices are now trading above their 20 and 100 day moving average for the 1st time in months as this trend turned to the upside as I was surprised that prices even traded as low as the $24 level, however the tide has turned and if you’re not involved wait for some type of price sell off before entering therefor lowering the monetary risk while taking advantage of profit-taking at the same time.
CHART STRUCTURE: EXCELLENT
If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com
There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.