Weekly Silver Market Recap with Mike Seery

Silver futures in the September contract rallied $.35 cents this week as tensions between Israel and Hamas have sent prices to 4 month highs at 21.48 with the next major resistance at $22 as I’ve been recommending a long position when prices hit a 4 week high breaking above 20.02 about 3 weeks ago so continue to place a stop below the 10 day low as the chart structure is outstanding as that level currently stands at 20.82 risking around $.70 or $3,500 per contract at these price levels.

Silver has been going higher in recent weeks as this commodity has solid demand due to electronics and many other products that currently use silver and if you’ve been following any of my previous blogs for the last several months I thought prices were extremely cheap especially compared to the rest of the commodity markets so continue to be long while placing your stop at the 2 week low as prices are trading above their 20 and 100 day moving average telling you that the trend remains higher.

TREND: HIGHER
CHART STRUCTURE: EXCELLENT

Here is more of Mike's calls on commodities this week....Just Click Here!
 

Don't miss this weeks free webinar "Low VIX and What It Means to Your Trading"