Will Silver Prices Crack $20 ?
Silver Futures—Silver futures in the September contract is up $0.10 this Monday afternoon in New York currently trading at 17.03 an ounce continuing its bullish momentum as the U.S stock market is down nearly 300 points as money flows continue to enter gold and silver.
I have been recommending a bullish position from around the 14.93 level and if you took that trade continue to place the stop loss on a closing basis only at the 16.08 level as the chart structure will not improve until later this week so you will have to accept the monetary risk at this time.
For the bullish momentum to continue we have to break the August 7th high of 17.26 and I think that will happen in this week’s trade so continue to play this to the upside as I still believe silver prices will be trading at the $20 level relatively soon.
Silver prices are trading far above their 20 & 100 day moving average as this trend is strong to the upside as prices are right near a 13 month low and historically speaking still looks cheap in my opinion as I will be looking at adding more contracts to the upside on any type of significant price retracement.
CHART STRUCTURE: POOR
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