Silver Futures--- Silver futures in the May contract settled last Friday in New York at 16.36 while currently trading at 16.63 as I have been recommending a bullish position from around the 16.85 level & if you took the trade continue to place the stop loss under the 10 day low which stands at 16.15 an ounce.
Silver prices reacted pretty neutral off of this weekends bombing from the United States and its coalition hitting certain chemical weapon regions in Syria as that was expected we just didn't know when the situation would occur as I still remain bullish silver regardless of geopolitical problems so continue to place the proper stop loss.
If you are not involved in this market I still recommend it at today's price levels as the chart structure is outstanding as the volatility still remains relatively low as prices are still trading above their 20 day and right at their 100 day moving average as we are in a longer term bottoming out process in my opinion.
I will be looking at adding more contracts to the upside if prices break the $17 level as I would have to think that the volatility will certainly expand to the upside in the coming months ahead as silver is an inflationary commodity and if you take a look at crude oil prices they continue to hit contact highs on a daily basis as I think that will start to bleed into the precious metal sector in the months to come.
Silver prices have been stuck in a $1 trading range over the last 9 weeks as the longer the consolidation the stronger the trend as I think the downside is very limited.
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