Keep A Close Eye On Silver

Keep A Close Eye On Silver
Keep A Close Eye On Silver

Silver Futures—Silver futures in the July contract is trading slightly higher for the 3rd consecutive session bouncing off of major support around the 15.00 level last week as I think a possible short-term bottom is at hand.

At the present time I do not have any recommendations in the precious metals, but I do think prices will move higher despite the fact that the IMF lowered global growth earlier today putting pressure on prices, but then rallied towards the closing bell. Silver prices are trading right at 20 & 100 day moving average as the trend is mixed, however the chart structure will start to improve in next week’s trade therefor the risk/reward will become more in your favor to enter into a bullish position.

Historically speaking as I’ve talked about in many previous blogs I think silver prices are cheap as I will not take a short position and if we can get some type of bullish news I think that could spark a significant rally to the upside.

If you take a look at platinum it hit a contract high in recent days and I think that will also start to support silver prices coupled with the fact that the ratio between silver and gold also is historically wide. Volatility at the current time remains relatively low so keep a close eye on this market as we could be involved in a bullish position soon.

TREND: MIXED

CHART STRUCTURE: SOLID

VOLATILITY : LOWER

 

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