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.
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 at 17.17 as an exit strategy as the volatility certainly has come back into this commodities and it looks to stay that way for months to come.
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.
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