Silver Forecast August 7, 2012, Technical Analysis

By FX Empire Analyst - Christopher Lewis
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The silver markets had a slightly positive day on Monday, but remain locked in the recent consolidation pattern. We're just below the $28 level, and as such it looks like we are heading into a big wave of resistance all the way up to $30. It isn't in till we get above the $30 level that we are interested in buying this market, as there far too many reasons to believe that the consolidation will continue as it is summer and there is a severe lack of industrial demand for silver.

On the downside, we see the $25 level as the line in the sand for Bulls and Bears, as it denotes where the trend would change. If we get a daily close below that level, we would be more than willing to sell this market hand over fist. But until then, we don't think much of selling.

Silver Forecast August 7, 2012, Technical Analysis

Silver Forecast August 7, 2012, Technical Analysis

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