Silver Forecast July 31, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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The silver markets had a bullish session on Monday, as the "risk on" environment came back into the markets. The silver market has been lagging its yellow cousin gold and as such we have been focusing more on the gold markets than this one. However, it does look like there is a bit of a trend line that has been broken to the upside at this point.

While this is a decent buy signal, we do see $30 as a massive resistance area and this most recent action as a potential run to that level. There is enough area between here and there to get involved at this point, and as such we are buying on a break of the Monday highs. As for selling, we simply won't do it in till we get below the $25 handle.

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