Silver Forecast May 31, 2012, Technical Analysis

The silver markets fell for much of the session on Wednesday, but managed to bounce in the end to form a hammer. The market stopped trading at the $28 handle, and this is right in the middle of the current consolidation area. The top of this range is the $29 to $30 zone, with the bottom being the $27 level. The trend is certainly down as of late, and the market could be forming a triangle or pennant to signal an impending move. On a break of either of these two levels, we are willing to follow the market, but must admit we are more comfortable selling.

Silver Forecast May 31, 2012, Technical Analysis
Silver Forecast May 31, 2012, Technical Analysis

Leave a Reply

Your email address will not be published.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