Silver Forecast September 17, 2012, Technical Analysis

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The silver markets did very little during the session on Friday, as traders took a pause after the smashing Thursday session. The move over the last couple weeks has been rather impressive, and we now find ourselves testing the $35 level. This is a significant area on the longer-term charts, but it is more than likely going to be overcome before it’s all said and done.

A pullback would be very likely at this point and probably well welcomed by most traders. We see the $31 level as a significant support area, but could see support come back into the market as high as $33. Because of this, we are waiting for a pullback and a supportive candles from which to buying this market, or a daily close well above the $35 level.

 

Silver Forecast September 17, 2012, Technical Analysis

Silver Forecast September 17, 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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