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Where Are Silver Prices Going


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Silver Futures--- Silver futures in the March contract are slightly lower this Friday afternoon in New York after settling last week at 17.75 while currently trading at 18.30 up around $.50 for the trading week continuing its bullish trend as prices are trading above its 20 & 100 day moving average hitting a 4 month high as investors are fleeing out of the foreign currencies and putting money back into the precious metals at the current time.

I’ve been recommending a bullish position in silver for several weeks when prices broke above 17.00 an ounce and if you took that trade make sure you place your stop loss below the 10 day low which currently stands at 16.43 currently risking around $2 or $10,000 per contract plus slippage and commission as silver is very large contract controlling 5,000 ounces, however that stop loss will be raised on a daily basis as the chart structure will improve dramatically come next week.

Silver is now considered as a currency in my opinion and not a commodity as nobody wants to own any currencies except for the U.S dollar sending money flows back into the precious metals as I think silver prices could test $20 here in the short term as I’m very pessimistic many of the commodity sectors except for silver and gold at the current time as I think prices continue to climb despite what the U.S dollar does as short term demand has certainly come back into this market in my opinion. TREND: HIGHER –CHART STRUCTURE: IMPROVING

 

If you are looking to contact Michael Seery  (CTA—COMMODITY TRADING ADVISOR)  at 1-312-224-8140  he  will be more than happy to help you with your trading or visit www.seeryfutures.com   Skype Address:

mike.seery3 

TWITTER---@seeryfutures

FREE 25 Proven Commodity Option Strategies Informational Brochure at www.seeryfutures.com

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There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.



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About the author


Michael is the sole owner of SEERYFUTURES.COM which is a commodity futures and options consulting, advisory, and educational firm.

Michael frequently appears on multiple business networks including Bloomberg News, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He also writes market commentary for several commodity websites and is interviewed for commodity comments by the Wall Street Journal. He is also a guest on First Business, which is a national and internationally syndicated business show.
 
Michael started his career in 1990 at the Chicago Board of Trade as a runner. He soon worked his way up to becoming a Series 3 broker. He works with seasoned traders as well as novice beginners educating them on trading the futures markets as well as using simple and complex option strategies. Michael covers all markets including grains, metals, energies, and all other futures markets that are traded.
 
To Michael the biggest lesson any trader needs to learn is risk management. Michael believes this is the most important factor in trading. He also works with traders to help them determine the proper risk for their trading style. Michael has spent a lot of time educating his clients to help them understand trading strategies and trading techniques while enjoying spending quality time with customers going over the markets or just talking general trading philosophies.

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