Silver Futures Forecast October 23, 2012, Technical Analysis

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The silver markets found themselves falling during the session initially, but buying the end of the Monday trading day we saw a fairly nice-looking hammer formed right around the $32 level. Silver markets are certainly bullish in their overall tone, and as such this of course catches our attention. We believe small positions to be initiated at this point time, simply because we are overly bullish the silver market in general.

With the support there were seen at the $32 area, it looks like we could be getting ready to see the bounce that we’ve been waiting for. The area that the market bounced from is roughly the 61.8 Fibonacci ratio from the Higher, and as such will have attracted some of the traders out there that initially missed the move. Because of this, we begin adding and also believe that if we can get above $33, we would add even more.

 

Silver Futures Forecast October 23, 2012, Technical Analysis

Silver Futures Forecast October 23, 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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