By FXEmpire.com
The silver markets fell on Friday as the markets were concerned about lower than expected Chinese GDP numbers. (8.1% vs. 8.3%) However, it should be noted that the Chinese economy is still growing in a strong manner, and the risk sentiment was probably a little overdone.
The 50 day EMA is acting as resistance at this point and the market has been very loyal to following it. The $31 level below looks supportive though, and we think that it runs all the way down to the $30 level for a supportive “zone”. Because of this, we are of the mind to buy at the $31 level for short-term moves only. A break above the 50 day EMA on the daily close would be needed in order to hold onto any longs.
Silver Forecast April 16, 2012, Technical Analysis
Originally posted here
