By FXEmpire.com
The pummeling of silver continued on Wednesday as the market simply continued to wilt. The market is absolutely broken at this point, and there should be no question as to which direction you should be trading. Sure, there will come a day when the market bounces, but the odds are against you when you are going long this market. Unlike gold, silver isn’t a great “safety trade” as the industrial demand for it will simply fall apart when there is a lot of concern about global slowdowns. With this in mind, we see this as a “sell only” market as long as we are below the $30 level. We will sell rallies on short term charts like the hourly, at the first sign of weakness. We still think $25 is where the market aims for next.
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Originally posted here
