Silver Forecast October 18, 2012, Technical Analysis

Get Forex buy/sell signals directly to your email and by SMS.
To learn more click here

The silver markets rose during the session on Wednesday as the $32.50 level offered support yet again. However, we did recently breakdown from a consolidation range between $33 and $35, and as such we feel that this market will more than likely continue to grind lower in the short-term.

In fact, with that $2.00 height of the rectangle been broken down, we expect to see this market challenge the $31 level in the relative near term. However, we simply will not sell silver as it is so bullish and there are so many fundamental reasons why could go higher. With this in mind, we are simply waiting to find some type of supportive candle. If we saw it at the $31 level, we would be very interested in going long because of the previous cluster after a gap at that exact price. Simply put, we are buying; we just need to see the right support appear.

 

Silver Forecast October 18, 2012, Technical Analysis

Silver Forecast October 18, 2012, Technical Analysis

Want to read more articles like this one?
Enter your e-mail address and read FX Empire content directly from your inbox.
 
We value your privacy. Your e-mail address will not be shared.
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.

  View all of FX Empire Analyst - Christopher Lewis's Articles    
Share Your Thoughts: Post a Comment


Your email address will not be published.

Reply
0
 

P Smith

I follow your daily updates. I really enjoy your analysis.
Great work Chris.

Best regards,
Peter

 

include_once( __DIR__ . "/request_context.php");