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.
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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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