Silver Forecast November 20, 2012, Technical Analysis

By FX Empire Analyst - Christopher Lewis
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The silver market had a smashing day on Monday as the $33.00 level is broken to the upside. This is a cluster of resistance based upon price action that we saw back in the middle of October, but with this candle been formed for the Monday session, it does look like silver is getting ready to take off again.

Having said that, the market is heading into a resistance area currently. Honestly, the technical analysis of this chart will depend greatly upon what instrument you use to trade the silver markets, and what time frame yet. The longer the time frame you have to work with, the more bullish you have to be of the silver markets overall. If we can get above the $33.20 level, we think it will break all resistance and head directly to the $34.00 level. Ultimately, we are bullish of this market, but do recognize the fact that we are sitting right in the middle of a cluster and now. As far as selling is concerned, it isn't even the thought right now.

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