Silver Lower Breaks 3 Day Winning Streak

Silver Lower Breaks 3 Day Winning Streak
Silver Lower Breaks 3 Day Winning Streak

Silver Futures—Silver futures in the July contract is currently trading lower by 37 cents at 27.96 an ounce breaking a 3 day winning streak as the commodity markets across the board experienced some weakness due to profit-taking. I have been recommending a bullish position over the last month or so from around the 25.85 level and if you took that trade continue to place the stop loss under the 10-day low on a closing basis only which now stands at the 26.78 level as the chart structure has turned outstanding. 

Silver prices are still trading above their 20 and 100 day moving average as the trend remains intact and if you take a look at the daily chart the uptrend line remains as I still think the $30 level will be breached in the coming weeks ahead.

At the current time I also have a bullish platinum trade which is lower today, but I still believe higher prices are ahead so continue to place the proper stop-loss while trying not to 2nd guess as that does not work over the course of time. The volatility is exceptionally high as we traded as low as 24.42 earlier today and traded as high as 28.90 just yesterday so make sure that you risk 2% of your account balance if you are involved in this commodity.

 

TREND: HIGHER

CHART STRUCTURE:EXCELLENT

VOLATILITY: HIGH

 

 If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com 

 

TWITTER—@seeryfutures 

 

 Email: mseery@seeryfutures.com

 

 

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