Can Silver Prices Hit 30 ?Michael Seery - Seery Futures - Fri Jul 24, 3:07PM CDT Silver Futures---Silver futures in the September contract settled last Friday in New York at 19.76 an ounce while currently trading at 23.03 up over $3 for the trading week as prices have now touched a 6 year. I have been recommending a bullish position over the last month or so from around the 18.61 level and if you took that trade continue to place to stop loss under the 10 day low at 19.24 as the exit strategy, however the chart structure will improve in next week's trade therefor the monetary risk will also be reduced.
Silver prices are trading far above their 20 & 100 day moving average as the trend is strong to the upside and if you had been following any of my blogs you understand I thought prices would break the 20 level which already has occurred and I do think we will flirt with the 25 level in next week's trade.
Gold prices are hovering right near an all-time high cracking the 1,900 level as I also have a bullish platinum trade which continues to move higher on a weekly basis as well as this whole sector is on fire so stay long and continue to place the proper stop loss as I think $30 is a real possibility for silver in the coming weeks ahead.
Fundamentally and technically speaking this market has everything going for it at the current time as I don't think that situation is going to change anytime soon especially when the Federal Reserve says they will do anything to back up this economy as that is a very nice thing to hear if you're bullish silver.
TREND: HIGHER
CHART STRUCTURE: IMPROVING
VOLATILITY: HIGH
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