Gold Futures
Gold futures in the August contract settled last Friday in New York at 1,810 an ounce while currently trading 1,902 up about $92 for the trading week as prices are right near all-time highs trading higher for the 5th consecutive session.
If you have been following my previous blogs, you understand that I thought gold prices would break 2,000. I think that could possibly happen in next week's trade as prices still look cheap, in my opinion, and if you are long a futures contract continue to place the stop loss under the 10-day low standing at the 1,791 area as an exit strategy.
Gold prices are trading far above their 20 and 100-day moving average as this is the strongest trend out of all asset classes at the current time. Who knows how high prices can go as that is why the theory states to hold on to winners and exit losers quickly.
TREND: HIGHER
CHART STRUCTURE: IMPROVING
VOLATILITY: HIGH
Silver Futures
Silver futures in the September contract settled last Friday in New York at 19.76 an ounce while currently trading at 23.03 up over $3 for the trading week with prices touching a 6 year high. I have been recommending a bullish position over the last month or so from around the 18.61 level, and if you took that trade, continue to place to stop loss under the 10-day low at 19.24 as the exit strategy. However, the chart structure will improve in next week's trade; therefore, the monetary risk will also be reduced. Continue reading "Precious Metal Futures Continue To Shine"