Silver Futures—Silver futures in the July contract is currently trading higher by 30 cents this Monday afternoon in New York at 27.80 or 1.12% continuing its bullish momentum as the uptrend line still remains intact on the daily chart.
I have been recommending a bullish position for quite some time from around the 25.85 level and if you took that trade continue to place the stop loss under the 2 week low standing at 26.78 on a closing basis only as the proper exit strategy, however the chart structure will improve in 3 trading sessions therefor the monetary risk will be reduced. At the present time silver prices are trading above their 20 & 100 day moving average, but for the bullish momentum to continue prices have to break the Mat 18th high of 28.90 in my opinion as that could possibly happen in next week’s trade.
Fundamentally speaking the U.S dollar hit a 3 month low as that is bullish silver and the precious metals across the board as this market looks to cross the $30 level in my opinion and if you’ve been following any my previous blogs you understand that I think the $50 level which was the all time high will be broken so stay long.
CHART STRUCTURE: SOLID
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
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