Silver Forecast for the week of August 20, 2012, Technical Analysis
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Silver markets had a very quiet week as they have all summer during the previous five sessions. We are currently caught between the $27 and $28 levels. This makes for very difficult trading environment, but we do respect the fact that the $26 level below is massively supportive. In fact, we think that the support level runs all the way down to the $25 level as it is a large whole number and would make sense.
We believe the long-term buy signal in this market will be one we get a daily close above the $30 level. We think that it will indeed happen, but silver looks like it will lag behind the gold markets as the industrial demand for the white metal will more than likely be weak.
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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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