Silver Futures—Silver futures in the December contract is sharply higher this Monday afternoon in New York up $0.53 or 2.21% at 24.56 an ounce as prices are right near a 2 week high.
At the current time I am not involved as I am waiting for the chart structure to improve as the risk/reward is not in your favor to take a bullish position as I will not go short as I think the downside is very limited. Silver prices are trading below their 20 day but still above their 100 day moving average as I will wait for a 4 week high before entering into a bullish position which means I will sit on the sidelines for at least 2 more weeks and I still believe we will consolidate until the U.S election is finished in about a month.
At the current time I do not have any recommendations in the precious metals as they have been choppy over the last several weeks, but the U.S dollar is now continuing its bearish trend once again as that is a bullish fundamental factor towards silver. Keep a close eye on this commodity as I do not think the $30 level will be the high as I still believe down the road the $50 level will be tested as fundamentally and technically speaking this market still remains strong longer-term.
CHART STRUCTURE: POOR–IMPROVING
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