Silver Forecast for the week of August 13, 2012, Technical Analysis
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The silver markets have been “dead money” for some time now. As you can see on the weekly chart, we get the $26 level and simply haven’t gone too far in one direction or another since then. The overall trend still looks very negative, but perhaps we are trying to find some type of bottom here. The $25 level of course will be rather supportive, and as such we think that we could see a pop.
The liquidity in the silver markets is very thin at this point in time as August is when traders generally take a vacation. With this in mind, we think there will be any significant move until September, and more than likely will follow the gold markets. While there is significant talk of central bank monetary easing out there, gold more than likely will lead the way and has to be followed if you’re going to trade it’s over. If gold breaks above the $1640 level, we think that the silver markets will follow. The resistance area we are watching currently is the $30 handle in this market, and if he gets broken to the upside – we go much higher.
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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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