How High Are Silver Prices Going ?

How High Are Silver Prices Going ?
How High Are Silver Prices Going ?

Silver Futures–-Silver futures in the September contract is trading higher for the 2nd consecutive session hitting a 13 month high up another 1% at 17.62 an ounce as prices look to crack the $18 level possibly in this week’s trade.

Fundamentally speaking the ongoing trade and geopolitical tensions along with dovish central bank expectations have sparked fund buying of precious metals as long gold positions in ETFs rose to a 6-1/4 year high Wednesday and long silver positions in ETFs rose to a new record high Wednesday.

I have been recommending a bullish position from around the 14.93 level and if you took that trade continue to place the stop loss under the 2 week low which now stands at 16.83 as the chart structure will not improve for another 6 trading sessions so you will have to accept the monetary risk at this time.

Gold prices were up over $20 earlier in the trading session, however profit-taking has come in as they are near unchanged for the day as the U.S stock market is now sharply higher on renewed optimism about a possible agreement with China, but I’ve heard this situation many times as I still believe no agreement is at hand. Silver is trading far above its 20 and 100 day moving average as the trend remains strong to the upside so continue to play this higher as I still think $20 is a realistic level in the coming weeks ahead.

TREND: HIGHER

CHART STRUCTURE: SOLID

VOLATILITY: AVERAGE

 

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

 

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