Silver Forecast August 30, 2012, Technical Analysis
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The silver markets had a slightly negative session on Wednesday, as it looks like the market is about to pullback and retest the $30 level for support. This would make sense, as it was so resistive previously, and large numbers like 30 tend to attract a lot of traders. With this being said, we think the silver market has broken out, and we are going to look for supportive candles right around the $30 handle in order to buy the market from. As for selling, we think there is no way we can do this unless we get below the $28 level, which of course is the point from which we broke out at. In other words, we would have to negate the entire move.
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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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