Silver Forecast for the week of October 8, 2012, Technical Analysis
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The silver markets had a very volatile week although in a tight range. We continue to bounce around below the $35 level, and as a result it looks like the market is trying to build up enough pressure to the upside in order to break out.
We have been in an area of consolidation between the $26 and $35 levels. It looks like we still remain in that area, but with the various hammers that are forming in this general vicinity; it looks like we are trying to break out to the upside. Certainly, we wouldn’t be betting against silver as the Federal Reserve continues to pump money into the system. Because of this, we are buyers on a break out and daily close above the 35 dollars level. If we fall, we will be looking for supportive candles in which to buy silver as well.
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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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