Looking To Buy Silver
Michael Seery of Seery Futures - InsideFutures.com - Fri Dec 07, 11:01AM CST

Silver Futures---Silver Futures in the March contract is currently trading at 14.67 after settling last Friday in New York at 14.49 up about $0.18 for the trading week right near a 4 week high. If you take a look at the daily chart many of the commodities have the exact same chart pattern as prices have continually gone sideways over the last several months.

It looks to me that silver wants to trade higher as I will be recommending a bullish position if we close above 14.75 while then placing the stop loss under the contract low which was hit on November 14th at 13.98 as the risk would be around $4,000 per large contract plus slippage & commission or $1,600 on 2 mini contracts.

Gold futures are trading right near a 5 month high as that is also helping support silver as money flows are finally coming out of the U.S equity market and into the precious metals so look to play this to the upside as I think the risk/reward will be in your favor coupled with the fact that the chart structure will start to improve later next week therefor the monetary risk will also be lowered.

Silver prices are trading above their 20 and 100 day moving average as the trend finally has turned to the upside as I still think historically speaking silver looks cheap especially compared to gold prices as the ratio is historically high between the 2 metals.




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