Silver Prices Hit A 6 Week High
Silver Futures—Silver futures in the March contract is trading higher for the 3rd consecutive session up another $0.20 at 17.42 an ounce as I will be recommending a bullish trade if prices close above 17.41 while then placing the stop loss under the December 9th low of 16.56 as an exit strategy as the risk would be around $1,800 on 2 mini contracts plus slippage and commission.
The chart structure at the current time is excellent as prices have now broken out of a 6-week tight consolidation pattern on confidence about the economic outlook as we head into 2020 as the commodity markets in general look to move higher across the board in my opinion as trade agreements with China, Canada, and Mexico are bullish fundamental factors for higher prices ahead.
Silver prices are trading above their 20-day but slightly below their 100 day moving average standing at the 17.60 level as historically speaking prices look cheap so play this to the upside as I think the downside is very limited. At the current time this would be my only precious metal recommendation as all of the interest still lies in the U.S equity market which continues to hit all-time highs on a daily basis.
CHART STRUCTURE: EXCELLENT
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