Silver Forecast July 27, 2012, Technical Analysis
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The silver markets attempted to rally during the session on Thursday, but ended up giving back quite a bit of the gains by the end of the session. Because of the shooting star that was formed, we suspect that this market will struggle to gain much more in this environment. In fact, it appears that we are much more likely to fall back into the consolidation area that has been so tough to get out of lately.
With this being said, we still don’t like buying this market. We still see the $25 level the while as ultimate support, and see the $30 level above is extremely resistive. Although the gold markets seem to have had a fairly strong day, the silver markets have simply been left wanting. We are still flat of this market and simply observing.
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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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