Silver Forecast October 2, 2012, Technical Analysis

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The silver markets had a very bullish session during the Monday trading day, but gave back almost all of the gains by the end of the session. The candle for the trading session formed a wicked looking shooting star, and it is formed at the $35 level.

Because of this, it is a natural place to see resistance, and the fact that it showed up wasn’t much of a surprise. However, with the move being as strong as it was we are somewhat surprised by the fact the failure was so spectacular. Nonetheless, we do see quite a bit of support below and suggests that this is simply a return to consolidation between the $33 and $35 area. Because of this, we think that buying on the dips will still be the way to go forward.

 

Silver Forecast October 2, 2012, Technical Analysis

Silver Forecast October 2, 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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