Silver futures in the September contract settled last Friday in New York at 16.19 an ounce while currently trading at 16.42 up about $0.23 for the trading week continuing it's bullish momentum as prices are right near a 1 year high.
Fundamentally speaking the European Union looks to lower interest rates even more as that is a positive fundamental factor towards the precious metals coupled with the fact that the Federal Reserve is probably going to lower interest rates by 25 basis points next week as this market still looks to crack the 17 level.
I have been recommending a bullish position from around the 14.93 level & if you took that trade continue to place the stop loss which now stands at 15.34 which is the 2 week low, however, the chart structure will improve daily next week therefor the monetary risk will be reduced significantly.
I also have bullish recommendations in platinum and copper as I think the precious metals across the board is headed higher so stay long and continue to place the proper stop loss as I still believe there is significant room to run to the upside.
CHART STRUCTURE: IMPROVING
Palladium futures in the September contract is currently trading at 1,537 after settling last Friday at 1,508 up nearly $30 for the trading week as I had been recommending a bullish position from around the 1,388 level getting stopped out around the 1,525 level last week, however I'm looking at the possible bullish position soon. Continue reading "Weekly Futures Recap With Mike Seery"