Articles
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Are Silver Prices Going Lower
Silver Futures—- Silver futures in the September contract settled last Friday in New York at 15.77 an ounce while currently trading at 15.70 in a very nonvolatile shortened trading week as I’ve been recommending a short position when prices broke 15.80 and if you took that trade continue to place your stop above the 10 day high which stands at 16.26 risking around $560 per mini contract plus slippage and commission as the chart structure is very solid at the current time.
Silver futures are right at a four month low trading below their 20 and 100 day moving average telling you that the trend is to the downside as the chart structure will improve next week and will be lowered in Tuesdays trade to 16.04 so be patient as the monthly unemployment number was released today basically pretty neutral sending gold slightly lower and having very little impact on silver prices as the volatility has slowed down tremendously.
Silver prices generally are one of the most volatile commodities in the world, however in recent months has been very quiet but something will happen in this market as I’m hoping it’s to the downside as I see no reason to own the precious metals at the current time as I still do believe all of the interest lies in the S&P 500 as money flows will continue to flow out of the precious metals and put into the stock market in my opinion. TREND: LOWER –CHART STRUCTURE: IMPROVING
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