Silver Forecast July 4, 2012, Technical Analysis
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The silver markets gained as the commodity markets in general did well during the Tuesday session. The risk on rally lifted all boats, and the silver markets of course were no different. However, we do see massive resistance above from the $29 level to the $30 level. With this being the case, we are not willing to buy silver yet, although it does look rather healthy at this moment in time. We think a daily close above the $30 mark would be an excellent buy signal in this market, and are waiting for that to happen in order to buy. As for selling, we would certainly do it on a weak candle – especially if we get a shooting star in this area. In the meantime, we are flat of the silver market.
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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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