Silver Futures— Silver futures in the March contract settled last Friday in New York at 17.69 an ounce while currently trading at 17.77 up slightly for the trading week as prices have been stuck in the mud over the last month.
At the current time I am not involved as I’m waiting for a breakout to the upside to occur which would happen if prices crack the January 27th high of 18.37 as I will not take a short position as I think the downside is very limited.
Silver prices are trading right at their 20 day while still above their 100 day moving average as the Coronavirus is continuing to spread and I think that will support prices here in the short-term. The chart structure will also start to improve in next weeks trade as we could be involved relatively soon as gold prices also remain strong.
The volatility at the current time remains relatively low, however I don’t think that situation is going to last much longer as fundamentally and technically speaking I think this commodity looks good so keep a close eye on this market as we could be involved soon as I think the risk/reward is in your favor.
CHART STRUCTURE: IMPROVING
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