Silver Futures Forecast October 24, 2012, Technical Analysis

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The silver markets initially rallied during the Tuesday session, but as we got to the $32 level we solve significant resistance enter the marketplace. The resulting candle for the session was a shooting star, and it also closed the very bottom of the daily range. This suggests to us that we will make a move towards the $31 level, where we see quite a bit of support going all the way down to the $30 handle.

It is below $30 that the downside in silver should accelerate, but we do not think that that is the likeliest outcome at this moment in time. In fact, we are looking for supportive candles somewhere near the $31 area in order to start buying again. Longer-term fundamentals demand higher silver prices, and we certainly will not argue with that.\

 

Silver Futures Forecast October 24, 2012, Technical Analysis

Silver Futures Forecast October 24, 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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