Silver Forecast October 17, 2012, Technical Analysis

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The silver markets fell during the session on Tuesday, but found quite a bit of support right around the $32.50 level. This reaction caused a hammer to form for the day, in this does look rather supportive. Is because of this that we are willing to start buying silver again on the break of the highs from Tuesday.

With the Federal Reserve printing currency the way it is going so lately, it makes sense that silver would continue to gain. We believe that the precious metals are in a longer-term cyclical bull market, and as such always get interested when support seems to show itself. As far as selling is concerned, we wouldn’t even consider it until we close well below the $30.00 level.

 

Silver Forecast October 17, 2012, Technical Analysis

Silver Forecast October 17, 2012, Technical Analysis

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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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