Silver Forecast November 7, 2012, Technical Analysis

The silver markets rose rapidly during the session on Tuesday in order to test the $32.00 level as resistance. We are closing at the very top of the range for the session, and this of course shows extreme strength. This leads us to believe that the bullishness in the silver markets will continue, but it will more than likely also be greatly affected by the US Presidential elections today, and what happens with the US dollar. Quite simply put, if we can get above the resistance just above the $32.50 level, silver should be off to the races. Alternately, if we break the $31.00 level, we will be looking for supportive candles to buy silver going forward.

 

Silver Forecast November 7, 2012, Technical Analysis
Silver Forecast November 7, 2012, Technical Analysis

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