By FXEmpire.com
The silver markets had a small bounce during the Thursday session as the bears took profit from a large move on Wednesday. The reaction may have been a little bit of short covering as we are entering a light day on Friday with it being Good Friday. The covering of shorts is probably mainly the day traders and prop desks, but none the less – the market had been oversold.
The move for the session was minor, so it isn’t enough to get us involved yet. The $31 to the $30 area should continue to offer support, so we think that we could see supportive action in the range. However, we haven’t really seen a convincing candle yet, so we are simply going to wait at this point. The Friday session will be of low volume too – so the moves could be very erratic.
Silver Forecast April 6, 2012, Technical Analysis
Originally posted here
