Silver forecast for the week of February 18, 2013, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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Silver markets had a rough couple of sessions this past week, falling to the $30.00 level. We've actually close just underneath that, bonds are still well within the tolerance of support. Looking at this chart, it's easy to make the case for a consolidation area between $27.00 and $35.00. With that being the case, we think that any further weakness should be looked at as a buying opportunity if we get closer to the $28.00 level. Central banks around the world are buying gold and silver in record amounts, so having said that there is a good chance that a natural bit will be in this market going forward. With that being the case, we simply look for some type of supportive candle to start buying again.

 

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