Silver Prices Break Major Resistance

16/04/2017 07:58 AST

Silver futures in the May contract are up 27 cents at 18.55 an ounce trading higher for the 3rd consecutive trading session breaking major resistance as I will be recommending a bullish position if prices close above 18.50 while then placing the stop loss under the 10 day low which was also Monday's low around 17.73 risking around $800 per mini contract plus slippage and commission.

The chart structure is relatively solid at the present time as the next major level of resistance is last November's high around $19 an ounce as gold and silver prices have broken out to the upside.

The 10 year note is significantly higher once again hitting a 6 month high as interest rates have been heading lower in recent weeks and that is bullish the precious metals and commodities in general as there seems to be what they call a flight to quality which affects the bond and precious metals market as investors park their money as a so-called safe haven.

Silver prices are trading above their 20 and 100 day moving average telling you that the short-term trend is higher so let's look at playing this to the upside as the risk/reward are in your favor in my opinion.TREND: HIGHER–CHART STRUCTURE: SOLID


Inside Futures

Most Viewed Companies

Ticker Price Volume
SABIC 114.77 5,915,941

Precious Metal Quotes

(In US Dollar) Change Change(%)
Gold 1,332.2 -8.6 -0.64
Silver 16.4 -0.21 -1.23
Platinum 923 -9 -0.97
Palladium 929 -3 -0.32

Recent News

Gold gains as dollar dips, US-China trade tensions escalate

05/04/2018

Gold rose nearly 1 per cent on Wednesday as the dollar dipped and share markets faltered after China retaliated in kind to a US move to slap tariffs on $50 billion (Dh183.5 billion) worth of its impo

Gulf News

Gold forges best run since 2011 as stars align for bullion bulls

01/04/2018

Gold bulls are finding 2018 offers plenty of reasons to be cheerful. Bullion’s wrapping up a third quarterly gain, a feat not seen since 2011, and exchange-traded fund holdings are near the highest

Gulf News

Gold steadies after hitting two-week high

23/03/2018

Gold steadied on Thursday below a two-week high hit in the previous session as the dollar slid after the US Federal Reserve showed a less hawkish stance on rates than expected.

The Fed ra

The Gulf Today

Aluminium hits 3-month low as stocks ramp up, tariffs loom

16/03/2018

Aluminium slid to a three-month low on Thursday, hurt by a rise in stocks, the prospect of looming US import tariffs, and expectations that supply from China will rise as its winter pollution control

Gulf News

Gold edges lower, seen vulnerable ahead of U.S. inflation data

14/03/2018

Gold slipped on Tuesday, pressured by a firmer dollar and concern that US inflation data later in the day will be robust, strengthening the case for more US interest rate hikes.

Analysts po

Gulf News

logo

Financial Information Co.

P.O. Box 69410, Riyadh 11547, Saudi Arabia

GCC Markets

Mutual Funds

News

Investment Tools

Sector News

Screeners

Indices & Commodities

Downloads

Copyright ©2001 - 2024, Financial Information Co. All Rights Reserved.

Terms of Services | Privacy Policy | Advertise with us | Contact Us | Sitemap