Silver Futures---Silver futures in the September contract experienced one of its wildest trading sessions I can remember yesterday as the trading range was $0.98 as prices traded as high as 17.49 before selling off all the way down to the 16.51 while then settling right near $17 an ounce as the volatility is going to be crazy in the coming months ahead.
At the present time silver prices are up another 24 cents at 17.22 as I have been recommending a bullish position over the last couple of months from the 14.93 level and if you took that trade continue to place the stop loss on a closing basis only at the 16.08 level, however the chart structure will improve in next week's trade therefor the monetary risk will be reduced.
Gold prices are up another $12 in today's trade as silver and gold are by far the strongest precious metals at this time as the Dow Jones Industrial Average is down over 400 points sending money flows back into silver as I still think prices trade at the $20 level in the coming months ahead.
The 2-year note is now trading above the 10-year note as that is spooking investors and if that situation continues look for higher silver prices as historically prices look cheap so continue to place the proper stop loss as I want to give this trade some room.
CHART STRUCTURE: IMPROVING
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