Silver Futures---Silver futures in the September contract has traded higher 6 out of the last 7 sessions up $0.20 this Monday in New York at 16.40 an ounce continuing its bullish momentum after experiencing a wild trading session last Friday selling off over $0.40 from the high of 16.62 blamed on profit-taking.
The Federal Reserve will meet next week discussing interest rates as part of the sell off was due to the fact that investors do not think they are going to lower rates by 50 basis points but by only 25 as I have to agree with that as this market still looks to move higher in my opinion no matter what the Federal Reserve does.
I have been recommending a bullish position from around the 14.93 level and if you took that trade place the stop loss under the 2 week low which now stands at 14.96 as the chart structure will start to improve later this week therefor the monetary risk will be reduced.
Silver prices are trading far above their 20 & 100 day moving average telling you that the trend is to the upside as I still think in the coming months ahead that silver prices will test the 20 level as the spread between gold and silver is too wide historically speaking.
I will not be looking at adding more contracts due to the fact that prices have gone straight up over the last week, but stay long and continue to place the proper stop loss.
CHART STRUCTURE: IMPROVING
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