Where Are Silver Prices Headed ?

19 Feb in Blog, commodity consulting, commodity trading, copper futures, futures broker, gold futures, Michael Seery, options broker, palladium futures, platinum futures, Seery Futures.com, silver futures

Silver Futures--- Silver futures in the March contract settled last Friday in New York at 15.79 an ounce while currently trading at 15.47 down about $.30 in a highly volatile trading week with large swings on a daily basis as I have been recommending a bullish position from around 14.80 and if you took that trade continue to place your stop loss below the 10 day low which now stands at 14.90 a chart structure has improved tremendously over the last several days. The next major level of resistance in silver is around the $16 level as we will have to roll out of the March contract into the May contract early next week due to expiration as I will give the new stop loss in that blog as well.

Silver prices are trading above their 20 and 100 day moving average telling you that the short-term trend is to the upside as money flows continue to go back into the precious metals for the first time in several years as the precious metals have fallen tremendously from their highs just hit in the year 2011.

In my opinion the U.S dollar has topped out which is bullish the precious metals so stay long this market while placing the proper stop loss as volatility has certainly come back into this market which is generally a bullish indicator. TREND: HIGHER-–CHART STRUCTURE: IMPROVING

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