Silver Forecast August 1, 2012, Technical Analysis

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Silver markets tried to rally during the Tuesday session, but failed and fell back below the $28 level. This market simply looks like it is a bit on the “stuck” side and as a result we simply don’t see much in the way of opportunity at this point in time.

We continue to see this market is range bound, and see the top of it as the $30 level, which of course he move above that area would have us buying this market hand over fist. On the downside, we see the $25 level as a significant support area in this market. In the meantime, we feel that this market will continue to bounce around in a very tight kind of range right around current prices. With this in mind, we just simply do not trade this market at this moment in time. We would of course, get involved if we can break out of a larger consolidation rectangle.

Silver Forecast August 1, 2012, Technical Analysis

Silver Forecast August 1, 2012, Technical Analysis

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About: FX Empire Analyst - Christopher Lewis

Christopher is a part of the FXEmpire.com analysis team. He writes Forex and Commodities technical analyses on daily and weekly basis. Christopher writes his analyses in a professional and yet simple to understand manner. His analyses are available in both text and videos.

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