By FXEmpire.com
The silver market had a bearish day on Monday as the risk appetite of many traders diminished. Although a precious metal, there is also the industrial component of the metal that is sensitive to the economic conditions around the world. The silver markets are going to fluctuate according to the industrial outlook of the world’s largest economies in the near term, and with some places looking very weak, silver is going to be tough to trade.
Having said that, the support came back into play as the $31 level has held again. It is because of this level that we think this market will continue to grind sideways for the near term. Having said that, we are buyers, but only for a very short-term trade. Selling isn’t’ possible until we close below the 430 level on the daily charts.
Click here to read Silver Technical Analysis.
Originally posted here
