Silver Futures—Silver futures in the September contract reacted neutral off of the Federal Reserve comments about interest rates as he basically said absolutely nothing as silver prices are up $0.07 at 17.11 after settling last Friday in New York 17.12 an ounce basically unchanged for the trading week.
I have been recommending a bullish position over the last couple of months from the 14.93 level and if you took that trade the stop loss now has been raised to 16.51 on a closing basis only, however in Tuesday’s trade that will be raised to 16.82 as the chart structure will turn outstanding therefor the monetary risk will be reduced.
Gold prices are up about $8 today helping support silver as I still believe prices could touch the $20 level in the coming months ahead as historically speaking still look cheap in my opinion.
Silver prices are trading above their 20 and 100 day moving average as the trend is higher as China announced more tariffs on U.S products starting September 1st which is negative towards all commodities except for silver and gold which are used as a flight to quality as I see no reason to be short silver so stay long & continue to place the proper stop loss.
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