By FXEmpire.com
The silver markets had a very quiet session on Monday as traders came back from a fairly quiet weekend. For the first time in several weeks, there were no headlines coming out of Europe that move the market in any particular direction at the Monday open. The action during the Monday session was slightly bearish at first, but did bounce later in the day in order to form a very small hammer.
Because of this pseudo-hammer, we feel that the next move is probably another attempt to push prices higher. However, there is a ton of resistance above the current price, and running all the way to $30. With this in mind, we will pass on any longs at this point and simply wait to see if we get a weak enough candle to sell between here and the $30 level.
Click here a current Silver Chart.
Originally posted here
