Silver Forecast December 21, 2012, Technical Analysis

The silver markets fell hard during the session on Wednesday, and Thursday was no better. We essentially stay flat, but the fact that we could not bounced would be concerning for the buyers. We find the $30.00 level as being very supportive, and the fact that there was a gap produce back there in August suggests that this could be an area where price action could send this back up.

However, we are getting towards the end of the year and I firmly believe that a lot of traders are selling their winters in order to collect their profits for the year. With this in mind, it is going to be difficult to buy precious metals going forward, although I am actively looking for supportive candles in order to start buying again. As for selling, I believe at this point time you would be chasing the trade if you started to do so right now.