Silver Forecast October 9, 2012, Technical Analysis

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The silver markets fell on Monday as you can see by the daily chart attached. We closed at the very lows of the day, and this of course is a very negative sign. However, we have quite a bit of support between the current area and the $30 level.

The hammer from two weeks ago that sits right and this $34 level should be rather supportive, and we see quite a few other hammers below as well as the in the chart at the $30 level been too much for the sellers to overcome. We could see a bit of a pullback, but this think that silver is going to suddenly change direction and trend is a bit foolish at this point in time. The Federal Reserve continues to print money, and this of course drives up demand for real currencies such as silver. However, it must be noted that the day closed the very lows, and this normally shows a bit of bearishness coming back into the markets. We think that this market will certainly bounce from somewhere, but we are going to be patient and wait for that positive signal.

Silver Forecast October 9, 2012, Technical Analysis

Silver Forecast October 9, 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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