Silver Forecast October 19, 2012, Technical Analysis

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The silver markets fell during the Thursday session as we continue to grind between the $33 level and the area just below. This market does look a little bit heavy at this point in time, and as such we think that a fall is more than likely going to happen. Nonetheless, we do need to see this market clear the recent lows in order to even think about trying to take advantage of it.

The recent consolidation area is roughly 2 dollars, and as such we expect a move down to the $30.75 level, or perhaps just the $31 handle. Either way, we would buy supportive candles in that general vicinity as we are very bullish of silver and expect this trend to continue for the long term.

 

Silver Forecast October 19, 2012, Technical Analysis

Silver Forecast October 19, 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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