Silver Forecast June 11, 2012, Technical Analysis

The silver markets fell for much of the Friday session, but as per usual, the Americans came in and bought everything up. The real move could have been short covering, but the candle at the end of the day is the same result – a hammer. The $30 level above is still the hurdle that the bulls will have to get over, and as a result we aren’t willing to buy quite yet. A daily close above the $30 level is enough for us to buy though. As for the downside, it looks to be pretty messy all the way down to the $27 level, and we won’t sell until we are below that level. 

Silver Forecast June 11, 2012, Technical Analysis
Silver Forecast June 11, 2012, Technical Analysis

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