Silver Prices Rally Off Session Lows

Silver Prices Rally Off Session Lows
Silver Prices Rally Off Session Lows

Silver Futures— Silver futures in the September contract is trading higher for the 3rd consecutive session up $0.10 at 18.68 an ounce reversing earlier losses as there are buyers on any type of weakness which is a bullish technical signal in my opinion.

I have been recommending a bullish position from around the 18.61 level and if you took that trade continue to place the stop loss under the 10-day low which now stands at 17.59 as an exit strategy.

Gold prices cracked the $1,800 level and has now hit an 8 year high and look towards breaking the 2,000 level in my opinion as I’m now keeping also a very close eye on the platinum market which I think we will be involved in a bullish trade tomorrow as this entire sector is showing the strongest strength to the upside except for the NASDAQ 100.

Silver prices are trading far above their 20 & 100 day moving average as the trend is getting stronger and I think we could possibly crack the 19 level in tomorrow’s trade as I will be looking at adding more contracts to the upside as the risk/reward reward would be in your favor.

TREND:HIGHER

CHART STRUCTURE: SOLID

VOLATILITY: HIGH

 

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