Silver Futures---Silver futures in the December contract settled last Friday in New York at 17.56 an ounce while currently trading at 17.87 up about $0.30 for the week still consolidating the bullish move that we have witnessed over the last several months.
I had been recommending a bullish position originally from the 14.93 level getting stopped out last Friday as currently I'm sitting on the sidelines waiting for the chart structure to improve as I still have a bullish bias to the upside as I think the downside is limited.
The U.S dollar is still hovering right near a 2 year high and that is also putting some pressure on silver here in the short-term, but historically speaking prices still look cheap in my opinion. Silver is now trading under its 20 day but still above their 100 day moving average as the trend as mixed as the U.S stock market is right near all-time highs as money flows have entered the equities and out of the precious metals over the last couple of weeks.
For the bullish momentum to continue prices have to break the contract high which was hit on September 4th at 19.75 as we have had a nice retracement as I still believe prices will be trading in the $20 range in the coming months ahead as I see no reason to be short.
CHART STRUCTURE: POOR
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