Silver Forecast August 13, 2012, Technical Analysis
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The silver markets did very little during the session on Friday as has been the case lately. We are still hugging the $28 level, and think that although the market looks like it’s trying to build up a little upward pressure, we should be sitting still for quite some time. We see the $30 level as being crucial for the buyers to take control of this market. In fact, we think that the gold markets are going to leave the way for silver.
If gold can get above the $1640 level, we think that silver will follow. In fact, $1640 is to gold what $30 is to silver. The gold markets do look like they’re building a little bit of pressure upwards as well, and it’s much easier to see that in silver. Because of this, we suspect that although silver will be bullish going into the later part of the year, we think that it will underperform gold.
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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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