Silver Futures—Silver futures in the December contract is unchanged this Wednesday at 17.84 an ounce as traders are awaiting the highly anticipated Federal Reserve interest rate announcement later today as expectations are that they will lower by .25% which will certainly send volatility back into this market.
I have been recommending a bullish position from around the 18.00 level and if you took that trade continue to place the stop loss under the October 1st low of 16.94 as an exit strategy. For the bullish momentum to continue prices have to break the October 25th high of 18.35 in my opinion as I also have a bullish copper trade which also will be influenced by today’s interest rate decision.
Silver prices are trading above their 20 & 100 day moving average as the trend is higher as I do think prices will retest the contract high of 19.75 in the coming weeks ahead as historically speaking prices look cheap especially compared to gold so stay long.
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