Silver forecast for the week of October 22, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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The silver markets took a beating over the last five sessions as we have shied away from the $35 level. This market almost looks like it's trying to form some type of massive consolidation area between $35 and $26, and if that's the case we are much closer to the highs than the lows. With that type of thinking, we want to wait until we see supportive candles in which to buy this market. We are definitely bullish of silver still; as long as there are central banks out there they simply will print which of course keeps a bid in underneath the precious metals.

 

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