Silver Futures—Silver futures in the September contract settled last Friday in New York at 18.16 while currently trading at 18.37 while experiencing a wild trading week as we will be closed tomorrow due to the 4th of July holiday weekend.
I have been recommending a bullish position from around the 18.61 level so continue to place the stop loss at the 17.17 area, however that will be raised in next week’s trade therefor the monetary risk will also be reduced. The monthly unemployment number was released today showing that America added 4.8 million jobs as that is a positive fundamental factor towards silver prices as this commodity is used as an industrial metal and the stronger the economy that means more demand for silver as I still remain bullish.
Silver prices are above their 20 and 100 day moving average as the trend remains to the upside as the entire precious metals sector across-the-board I believe will move higher as I’m keeping a close eye on platinum as well. Volatility in silver is now becoming higher and higher on a weekly basis so if you are involved make sure that you only risk 2% of your account balance on any given trade as the proper money management technique as silver can experience huge price swings on a daily basis causing high risk.
CHART STRUCTURE: SOLID
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