Silver Forecast October 17, 2012, Technical Analysis

posted
By FX Empire Analyst - Christopher Lewis
Print
Font Size
T
T
T
Get Forex buy/sell signals directly to your email and by SMS.
To learn more click here

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.

 

Find a Broker
Continue to FX Empire Network