Silver Forecast December 26, 2012, Technical Analysis

The silver markets did very little during the Monday session as one would expect. After all, it’s Christmas Eve and most of the Western world is simply sitting on its hands at the moment. We finished the day down $0.23, barely a blip considering the massive move down that we’ve seen lately.

We are sitting at the very bottom of the gap that was formed back in August, so it does make you wonder whether or not there’s going to be significant support here. After all, we are just under the $30.00 handle; an area that we know should attract buyers. With that being said, we are still bullish of silver even though it’s fallen $3.00 over the last two weeks. We think that a supportive candle will appear sometime in the near future, and we will be more than willing to take it.