Silver Forecast September 11, 2012, Technical Analysis
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The silver market had an interesting session on Monday as it both gained, and then fell. Ultimately, it formed a shooting star just below the $34 level, and this suggests to us that a pullback is coming.
The shooting star suggests to us that we will go south to look for something support, and we think that we could find it at any of the handles. The most significant support level in our eyes is the $31 level, and as a result we would be rather aggressive to buy support candles in that general vicinity. We are already long of this market, and certainly wouldn’t short it at this point. If we managed to break above the top of the shooting star for Monday, this would be a bullish sign as well and have us buying also.
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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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