Silver Forecast August 20, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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The silver markets did almost nothing during the Friday session which is starting to become the norm. We are currently stock roughly between the $27 and $28 levels, and look like we are trying to find some type of direction. In order to get bullish of the silver markets, we need to see the $30 level broken to the upside. A daily close above that level would have us buying this market at that point in time. However, we think that the more likely route will simply be the chop around for the foreseeable future.

As for selling this market, we have absolutely no interest in it because we see that the $26-$25 area looks very supportive. Also, it is a well-known fact that many central banks around the world are route to start printing money again and this always does well for precious metals. Granted, silver will lag behind gold as silver also has a major industrial component to it and there is a slack in demand at this point in time.

Silver Forecast August 20, 2012, Technical Analysis

Silver Forecast August 20, 2012, Technical Analysis

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