Silver Forecast September 21 12012, Technical Analysis

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The silver markets fell initially during the session on Thursday, but found the $34 level supportive yet again. This is the third time this market has tested that level over the last week, and as such it looks like $34 is now going to be supportive in general. Because of this, it looks more and more likely that we are going to see sideways action before a continuation higher. A pullback simply may not be coming and it as long as you are not trading the futures market you may be able to buy in this general vicinity.

It is because of this that we prefer physical silver when possible. However, if we do get a pullback we would be willing to step into the market on signs of support at the various support levels below. We believe this is a “buy only” market, and as such will not sell silver under any circumstances. We especially are interested in the $31 level if we can ever get back down that low, we would buy supportive candles hand over fist.

 

Silver Forecast September 21 12012, Technical Analysis

Silver Forecast September 21 12012, 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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