Silver Forecast for the week of October 8, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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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.

 

Silver Forecast for the week of October 8, 2012, Technical Analysis

Silver Forecast for the week of October 8, 2012, Technical Analysis

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