I am bullish on September Silver futures (and August Gold futures) over the near-term.
I am seeing follow through buy signals emerge for both Silver and Gold – look for a separate research post on Gold later today.
Stops should be set at a comfortable level to maintain gains for those that are currently long (if adding). New positions are riskier and should use tighter stops.
There is a strong potential for a sharp move higher to rally past the recent highs.
Silver may be rallying out of a wave 4 trading low following a healthy pullback on its oscillator.
Look for resistance near recent highs. If surpassed, our upside price target is $31.
Silver Futures Chart
The author has a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
