Silver Futures—Silver futures in the March contract is trading higher for the 6th consecutive session up another $0.26 at 18.58 an ounce or 1.45% after settling last Friday in New York at 17.73 up about 83 cents for the trading week as prices are near a 5-month high.
I have been recommending a bullish position from the 18.13 level and if you took that trade continue to place the stop loss under the 10-day low which now stands at 17.44 as an exit strategy as the chart structure will not improve for another 4 trading sessions so you will have to accept the monetary risk at this time.
Gold prices are up another $24 today hitting a 7-year high as I think the entire precious metal sector is going higher as I see no reason to take a short position as the Coronavirus looks to be getting worse as who knows how that situation it’s going to end so stay long and continue to place the proper stop loss.
The trend clearly is to the upside as prices are trading far above their 20 and 100 day moving average as it looks to me that we will test the September 4th high of 19.87 possibly in next week’s trade as the volatility is coming to life once again.
CHART STRUCTURE: SOLID
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