Silver Forecast July 13, 2012, Technical Analysis

Silver markets fell during most of the session on Thursday, only to bounce back off of the $26 level that has been so supportive during the recent consolidation in this market. We don’t see any massive catalysts coming in the short term, so a bounce from here is more than likely. The fact that the day finished as a hammer suggests that we will see a bounce in the short term, perhaps to the $29 level.

Because of this, we are willing to buy this market for a very short-term trade if we can break the highs from the Thursday session. As for selling, we need to see the $25 level give way, something that we think will happen sooner or later – but not quite yet.

 

Silver Forecast July 13, 2012, Technical Analysis
Silver Forecast July 13, 2012, Technical Analysis

Leave a Reply

Your email address will not be published. Required fields are marked *