
Silver Futures—Silver futures in the September contract is sharply lower reversing the gains that we witnessed in yesterday’s trade down $0.43 at 18.20 an ounce or 2.32% due to the possible hopes for a Coronavirus vaccine sending the entire precious metals sector lower.
Silver prices are still trading above their 20 and 100 day moving average as the trend remains to the upside as I think massive profit-taking has taken place in today’s trade, but I still remain bullish gold and silver as I still believe the contract high at 19.14 will be tested in the coming days ahead.
Traders are awaiting tomorrow’s highly-anticipated monthly unemployment report as you have to remember we will be closed on Friday due to the 4th of July holiday so expect a wild trading session tomorrow and if you did not take the trade I’m still recommending it at today’s price level as the risk would be around $1,100 per mini contract plus slippage & commission.
TREND:HIGHER
CHART STRUCTURE: EXCELLENT
VOLATILITY: HIGH
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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Email: mseery@seeryfutures.com
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