By FXEmpire.com
The silver markets fell during most of the session on Tuesday as the run into the US dollar continued. The European fears have come back, and with the possibility of a slowdown economically around the world we would see a slowing of demand for silver. However, as the end of the session neared, the market went positive and formed a hammer.
The hammer is at the $31 level, and the start of serious support. With this in mind, we are comfortable going long if we break the top of the candle for the session. The $33 level looks to be resistive, and with all of the uncertainty, we are thinking of shorter-term trades only. The $33 level will more than likely continue to keep pressure on this market, and as such we would take profits in that area. As for selling, we wouldn’t consider it until the $30 level is broken on a daily close.
Silver Forecast April 11, 2012, Technical Analysis
Originally posted here
