Silver Futures Forecast October 23, 2012, Technical Analysis

By FX Empire Analyst - Christopher Lewis
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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.


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