Silver Prices Hit A Fresh Contract Low

Silver Futures--- Silver futures in the September contract is down $0.22 at 15.59 an ounce continuing its bearish momentum as the precious metals across the board are lower as the U.S dollar continues its bullish momentum up another 30 points in today's trade.

Silver prices are testing major support around the 15.55 level which was hit last on December 11th 2017 and if that is broken I think we could head down to the July 10th 2017 low of 15.15 as I see no reason to own silver at this time as the commodity markets across the board today are lower.

If the 15.15 level is broken I think that we could test the 14 level as the bearish momentum is getting stronger on a daily and weekly basis as gold prices are also hitting a contract low in today's trade putting pressure on silver prices as there is a risk off tolerance at the current time as investors are just not willing to buy anything except the U.S stock market as the tariff situation has really muddied the waters here in the short term.

Silver prices are trading far below their 20 and 100 day moving average as the trend clearly is to the downside and if you are short my recommendation would be to stay short as there is more room to the downside in my opinion.

TREND: ---LOWER

CHART STRUCTURE: POOR

VOLATILITY---AVERAGE

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