Looking To Buy Silver

I will be recommending a bullish position if prices break 17.41 while then placing the stop loss under the 10-day low standing at 16.76 as the risk would be $1,300 on 2 mini contracts plus slippage & commission as the chart structure is excellent therefor the risk/reward is in your favor in my opinion.

Silver prices are still hovering right near a 4 month low as prices are trading right at their 20 day but still below their 100 day moving average as prices are starting to look cheap in my opinion especially historically speaking so wait for the break out to occur before entering as trading in a choppy market is treacherous in my opinion.

At the current time I do not have any precious metal recommendations as I was stopped in gold earlier in the week so keep a close eye on this market as we could be involved soon as the volatility certainly has come to life which is a great thing to see in my opinion.

TREND: MIXED 

CHART STRUCTURE: EXCELLENT

VOLATILITY: INCREASING

This article was written by Michael Seery (CTA—COMMODITY TRADING ADVISOR)  www.seeryfutures.com