Silver Prices Continue Bullish Trend. July 06, 2020
Silver Futures---Silver futures in the September contract is up $0.32 at 18.63 an ounce in a relatively volatile Monday afternoon in New York looking for some fresh fundamental news to push prices over the $19 level in my opinion.
I have been recommending a bullish position from around the 18.61 level and if you took that trade continue to place the stop loss under the 10-day low which now stands at 17.59 as an exit strategy as the chart structure has turned outstanding due to the fact that prices have really have gone nowhere over the last several weeks. Silver prices are still trading above their 20 & 100 day moving average as the trend remains higher as the entire precious metal sector continues it's bullish trend and I do think the commodity markets as a whole look to move higher.
The US dollar is trading higher by 63 points currently trading at 96.67 as that currency is hovering right near a 6-month low as that is a supportive fundamental factor towards silver. I see no reason to be short especially with the Federal Reserve continuing to add stimulus after stimulus program so stay long as I will possibly be looking at adding more contracts if we pass the 19.14 level which is the contract high as adding to winners and exiting losers quickly is the way of trade over the course of time in my opinion.
TREND:HIGHER
CHART STRUCTURE: EXCELLENT
VOLATILITY: HIGH
https://www.barchart.com/story/news/35993/silver-prices-continue-bullish-trend