Silver Forecast August 7, 2012, Technical Analysis

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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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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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