Silver Forecast October 18, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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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.

 

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