Silver Forecast July 17, 2012, Technical Analysis

The silver markets had very little to say during the Monday session as the $27 level acted as a form of short-term support. The market still looks like it’s stuck between the $26 dollar and $30 levels. Because of this, we aren’t necessarily enamored with the idea of trading silver at this moment in time. Essentially, it would make more sense to wait until we get the breakout that has to come sooner or later, and would of course feature a daily close above the $30 level or a daily close below the $25 level. These are the two areas that we have been wanting for quite some time now, and as such this is exactly what we need to see in order to get overly enthusiastic about trading silver. In the meantime, it will be a scalper’s market at best.

Silver Forecast July 17, 2012, Technical Analysis
Silver Forecast July 17, 2012, Technical Analysis

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