Silver Futures—Silver futures in the December contract settled last Friday in New York at 23.64 an ounce while currently trading at 25.45 up about $1.90 as prices are near a 7 week high. If you have been following my previous blogs you understand that I have been looking at a possible bullish position if prices close above 25.71 as we did trade as high as 25.97 early in the trading session, but we have not closed there so I will sit on the sidelines and see what’s Monday’s trade brings.
At the present time I have a bullish gold position which is slightly lower today as I think the entire precious metals sector should continue to march higher due to all of the stimulus packages.
Silver prices are trading above their 20 & 100 day moving average as this trend finally has turned to the upside after consolidating over the last couple of months as I still think the $30 level will be breached in the coming weeks ahead. I see no reason to be short silver or any of the commodities at this time as I think 2021 will witness some tremendous bullish secular trends to the upside.
CHART STRUCTURE: SOLID
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