Silver Forecast July 9, 2012, Technical Analysis

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Silver markets fell during the Friday session as the US failed to deliver an adequate jobs report. This suggests that the industrial demand for silver is going to fall, and as such so should the value. The $26 level below looks to be the start of fairly significant resistance, and we feel that it ends at the $25 level. On a daily close below that level, we are more than willing to sell this market aggressively. However, with the fact that the highs are getting lower we feel that traders can even sell at this point as the trend will certainly looks to be negative. As for buying this market, we don’t even consider it until we get well above the $30 level.

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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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