Silver forecast for the week of September 17, 2012, Technical Analysis

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The silver markets rallied during the week as the Federal Reserve announced further quantitative easing. The end of the week we formed a hammer and this is sitting just below the $35 resistance level. This looks very bullish, and as long as we can break above the $35 level on a daily close we believe that this market does much higher. If we break the bottom of the scandal however, that would make it a “hanging man”, which of course is a very bearish sign. Currently we believe that the $35 level tells the whole story, and as such are waiting to see what the market does at this level.

 

Silver forecast for the week of September 17, 2012, Technical Analysis

Silver forecast for the week of September 17, 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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