Silver Prices Hit 1 Year High

Silver Futures---Silver futures in the September contract is trading higher for the 6th consecutive session hitting a fresh 1 year high currently trading at 16.40 after settling last Friday in New York at 15.23 as prices rallied about $1.15 or up about 7% continuing its bullish momentum.

I have been recommending a bullish position from around the 14.93 level and if you took that trade the stop loss has now been raised to 14.91 as the chart structure will improve in next week's trade therefor the monetary risk will be lowered as prices have absolutely skyrocketed over the last week.

I have bullish recommendations also in platinum and copper which are also sharply higher in today's trade as the precious metals still look cheap in my opinion especially compared to gold prices.

Silver is now trading far above its 20 & 100 day moving average as the trend is clearly higher, however there are some concerns about prices experiencing overbought levels and that might be true, but I will continue to stay long as I still think prices could trade at the $20 range in the coming months ahead as I see no reason to be short.

TREND: HIGHER

CHART STRUCTURE: IMPROVING

VOLATILITY: INCREASING

If you are looking to contact Michael Seery (CTACOMMODITY 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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