Silver Prices Await Fed Announcement

Silver Futures----Silver futures in the September contract are trading higher by 9 cents at 17.06 an ounce as I was originally recommending the July contract as we had to rollover into September and if you took the original trade which was around the 16.91 level continue to place the stop loss under the 2 week low which now stands at 16.42 as the chart structure is excellent due to the fact of very low volatility.

Traders are awaiting the highly anticipated Federal Reserve announcement which comes out later this afternoon on the interest rate saga as that will definitely have an influence on the U.S dollar & the precious metals as a whole.

Silver prices are now trading above their 20 and 100 day moving average as the trend is to the upside with the next level of resistance at the April 19th high of 17.51 & if that is broken I think the all-out bullish trend could get stronger on a weekly basis.

The U.S dollar is slightly lower in today's trade as that may have topped out as we are right near a 4 week low as that is a bullish fundamental indicator towards the precious metals as the NASDAQ 100 is hitting all-time highs again today and I still think that silver prices are incredibly cheap compared to equity prices as the downside is extremely limited in my opinion so stay long.

The chart structure will start to improve in next week's trade therefore the monetary risk will be lowered as I will be keeping a close eye on adding more contracts to the upside as I still believe the risk/reward is in your favor, however be patient.

TREND:---HIGHER

CHART STRUCTURE: IMPROVING

VOLATILITY---LOW

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