Silver Forecast September 5, 2012, Technical Analysis

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The silver markets had another stellar day on Tuesday as prices keep rising higher and higher. Because of this, we think that it may be difficult to get a clean entry into this market currently. Silver tends to move very rapidly, as it is often considered to be the higher beta version of gold, and as such you simply must be traded with a bigger picture in mind.

We currently look at the $30 level as the floor in this market. The market looks set to run all the way up to the $35 level in the short term, and we actually believe that silver will eventually get $65 as well. This will be a straight shot up obviously, but over time based upon the massive descending triangle that was just negated we think that $65 is a reasonable target based upon the measurement.

There is actually no reason to sell silver at this point in time, and it should be bought on dips, and pullbacks to show any signs of support.

Silver Forecast September 5, 2012, Technical Analysis

Silver Forecast September 5, 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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