Silver Futures—Silver futures are trading higher for the 5th consecutive session currently trading up another $0.15 at 16.12 an ounce in the September contract as prices are right near a 5 month high. Silver now has become the strongest precious metal as it was weak compared to gold for months, but now it is starting its bullish secular trend in my opinion as I still think prices look cheap.
I have been recommending a bullish position from around the 14.93 level & if you took the trade continue to place the stop loss at 14.90 as the chart structure will start to improve next week therefore the monetary risk will be reduced substantially. The next level of major resistance is the contract high which was touched on February 20th at 16.47 and I think we could possibly test that in tomorrow’s trade as this trend is getting stronger on a daily basis.
Silver prices are trading far above their 20 and 100 day moving average as the trend is strong to the upside as I remain bullish the entire precious metal sector except for palladium as I have become neutral on that commodity for the time being.
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