Silver forecast July 23, 2012, Technical Analysis
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Silver markets did very little during the Friday session, culminating a week that had a range of roughly $.20. In markets like this, it’s very difficult to make money. Because of this, we currently are not trading the silver markets, and think that more than likely this will be the case until summer vacation ends. Looking at the charts, we can see two obvious levels that we want to pay attention to. The first one is the $30 level as it is so massively resistive. The second one of course is the $25 level as it is so massively supportive. Once we break out of this consolidation range, and through one of these barriers we should see a massive move in one direction or the other. Until then, we think that this will be a scalpers market at best and at this point it’s not even that.
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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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