Silver Forecast September 4, 2012, Technical Analysis
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The silver markets continued to look impressive on Monday, even as the volume shrank during the US Labor Day holiday. We have broken out above the $30 level, and it does look in fact like we are making a move towards $35.00 in the short term. However, we believe that the silver market has much further to go than that, and are willing to hang onto trades for the longer-term.
We have a core position already, and are looking to add to this position every time the silver market pulls back to a relatively supportive area. At this point in time, the $31 level looks pretty supportive, and we would buy any pullbacks to that area. Silver tends to run rather quickly, so we may or may not get an optimal entry. Nonetheless we are long of this market, and you plan on adding.
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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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