Silver Prices Continue Bullish Trend This Week

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Silver Futures---Silver futures in the July contract settled last Friday in New York at 25.87 an ounce while currently trading at 27.48 up over $0.60 for the week continuing it's bullish momentum as prices are near a 2 1/2 month high. I have been recommending a bullish position from around the 25.85 level and if you took that trade continue to place the stop loss under the 2 week low standing at 25.74 on a closing basis only as the proper exit strategy.

The next major level of resistance stands at the 28.00 / 28.25 level as that could be broken in next week's trade and if that does occur I think we will test the 30 level soon.

At the current time I also have a bullish platinum recommendation and I do think gold and copper will continue to move higher as I see no reason to be short this sector. The U.S dollar has hit a two-month low this week as that is a bullish factor towards silver coupled with the fact that the 10-year note has hit a 2 month low in yield at 1.53% as this market fundamentally and technically speaking has everything going for it so stay long. 

TREND: HIGHER

CHART STRUCTURE: SOLID

VOLATILITY: HIGH

 

  If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com 

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 Email: mseery@seeryfutures.com

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