Silver Forecast for the week of September 3, 2012, Technical Analysis
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The silver market broke a significant downtrend line over the last week in order to close just above the 31.50 level. This area is significant as it shows a down trending channel has been broken. Over time, we fully expect silver to try and recapture the highs from April of 2011, but it should be a volatile and bumpy ride up to that level.
We see the $35 level as the next target, and certainly would not sell silver now that it has broken out. Depending on how you were playing this market, you could simply buy spots over and let this market will run until it reaches its climax, or could possibly by physical silver as an investment. It does look like we are continuing the massive uptrend, and as such we are very bullish of silver right now. As for selling, we wouldn’t do it unless we somehow break down below the $25 level.
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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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