Silver Forecast October 10, 2012, Technical Analysis
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The silver markets fell during the session on Tuesday in order to test the $33.80 level for support. As this market is in such a massive uptrend, we are not keen to start selling it just yet. In fact, we can make a case for support just below current levels, the $33 level, and the $31 level, not to mention the fact that there is a gap at $30. All of these levels could potentially turn markets back around if silver stars lose strength.
The candle for the Tuesday session does look rather week, so we are ready to go long just yet. However, if we get some type of supportive daily candle we are willing to start buying again. We think eventually the $35 level will give way as resistance, and when that happens this should propel prices much higher.
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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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