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.

Silver Forecast August 30, 2012, Technical Analysis

Silver Forecast August 30, 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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