Silver Forecast July 31, 2012, Technical Analysis

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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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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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