Silver Futures—Silver futures in the September contract is trading sharply higher this Tuesday afternoon in New York up $0.54 at 18.60 or 3.00% as I am now recommending a bullish position while then placing the stop loss at the 17.17 level as the risk is around $1,400 per mini contract plus slippage and commission.
Volatility is starting to expand as that is why I want to place the stop-loss a little further away as I want to give this trade some room as I truly believe that gold and silver have significant room to run to the upside. In my opinion I think silver prices are going to test the contract high that was hit on February 24th at 19.14 and then trade over the $20 level as historically speaking this market looks cheap as I’ve been sitting on the sidelines over the last week waiting for the break out to occur which has happened in today’s trade.
Silver prices are now trading above their 20 and 100 day moving average as the trend is to the upside as the precious metals are experiencing bullish trends and when you trade the commodity markets trading with the path of least resistance is the way to go over the course of time.
CHART STRUCTURE: SOLID
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