Silver forecast for the week of July 23, 2012, Technical Analysis

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Silver markets continued to do very little, as the 26th dollar level provides massive support. The silver markets are calm, and this is partly due to the fact of this time of year being traditionally a vacation time. Trader simply are not at their desks, and as such it’s difficult to produce any meaningful trades. While the gold market is quiet, the silver market is dead. This makes sense as the gold market is much bigger than this particular one.

Looking at the technicals, the $25 level is the bottom of this massive support area, and needs to be broken to the downside on a daily close in order for us to start selling again. On the other hand, a move above the $30 level would signify enough of a momentum change for us to go long. Until then, we see no trading available as the market is just simply far too quiet.

Silver forecast for the week of July 23, 2012, Technical Analysis

Silver forecast for the week of July 23, 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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