Silver Futures—Silver futures in the July contract are sharply higher up another $0.38 at 15.34 an ounce as prices are near a 3 month high as the country of Iran shot down a U.S drone sending the precious metals and the energy sector sharply higher in today’s trade.
I have been recommending a bullish position from around the 14.93 level and if you took that trade place the stop loss under the contract low which stands at the May 28th low of 14.26 as an exit strategy as I still think there is significant room to run to the upside.
The next level of resistance is all the way at the 15.75 level and if that is broken I think prices could test the February 20th contract high of 16.38 as the precious metals sector certainly has turned bullish as the U.S dollar is lower once again in today’s trade helping support prices.
Silver prices are now trading above their 20 and 100 day moving average for the 1st time in months as that tells you that the trend is higher as I also have a bullish recommendation in the palladium market which is higher once again today while keeping a close eye on platinum which is looking to break out to the upside in my opinion.
The volatility in silver is starting to expand to the upside as historically speaking this is an extremely volatile commodity that has finally woken up so continue to stay long.
CHART STRUCTURE: POOR
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