Silver Futures—Silver futures in the December contract settled last Friday in New York at 25.66 an ounce while currently trading at 24.82 down about $0.85 for the trading week experiencing tremendous price swings on a daily basis as the volatility is extremely high.
At the present time I’m sitting on the sidelines as I have a bullish gold recommendation while keeping a close eye on silver if we close above the critical 25.71 level as then I will be recommending a bullish trade. Silver prices are trading right at their 20 and 100 day moving average as we continually trade in a consolidation pattern over the last 2 months looking to break out to the upside in my opinion as I still do not believe the $30 level will be the high in silver.
Fundamentally speaking worsening pandemic may force countries to impose tighter lockdowns to slow the spread of the virus, which will undercut economic growth and may prompt the world’s central banks to expand their stimulus measures.
Remember when you trade the commodity markets make sure that you place the proper amount of contracts while risking 2% of your account balance on any given trade as silver is an extremely volatile commodity with high-risk and if you violate that rule problems will happen.
CHART STRUCTURE: IMPROVING
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