Silver rises on Friday

January 17, 2014

New York (Jan 17)  Silver futures ended on a positive note this Friday afternoon in New York finishing higher by $.25 to close at 20.31 an ounce right near 8 week highs as silver prices look to break out possibly as early as next week in my opinion. If you were reading any my previous blogs I do believe that silver prices have bottomed with excellent chart structure I’m looking for a close above 20.67 to enter a futures position while placing my stop below $19 as I think prices are relatively cheap with demand as solid as it is currently. The silver chart has excellent chart structure with the slow grind to the upside and I do believe in the next couple of weeks silver will be trading in the $22/$23 range and if you’re a long-term investor I still think silver has a chance one day to trade back up in the $40/$50 range as inflation will come back one day especially with worldwide money printing it’s just a matter of when. TREND: HIGHER--MIXED –CHART STRUCTURE: EXCELLENT

(Source:  Mike Seery)

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