Here Is My Silver Trade

Silver Futures--- Silver futures in the December contract is currently trading at 17.08 after settling last Friday in New York at 16.87 up about $0.20 for the trading week right near a 4 week high looking to breakout possibly in next weeks trade.

I will be recommending a bullish position if prices break the 4 week high which now stands at 17.27 while then placing the stop loss under the 2 week low standing at 16.78 risking about $2,500 on the large contract or $500 on the mini contract plus slippage and commission as the chart structure is outstanding at the present time as the volatility has come to a crawl.

The U.S dollar is near a 4 week low as that is helping support the precious metals at the current time & if you look at the daily chart there is a pennant flag formation in silver which is very interesting in my opinion as a breakout is looming.

If prices break 17.27 I think we will retest the October 16th high of 17.50 as I still think before year-end we could be trading between $18/$19 an ounce as I will not take a short position in silver as I think historically speaking prices look very cheap especially with worldwide economies improving which should pick up demand for many different commodity sectors including silver.




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