Silver Forecast for April 27, 2012, Technical Analysis » Fx Empire Network

Silver Forecast for April 27, 2012, Technical Analysis » Fx Empire Network


TheSilverPrice.info

The silver markets rose during the session on Thursday as the hammer from the previous session got broken to the upside. Yesterday we mentioned that this would be a decent buy signal, and in fact we have taken it. However, the area does face some headwinds just above – so this is a short-term trade.

The silver market have been beaten up pretty badly over the last several weeks, but the $30-ish level is a massive support level based upon the longer term charts. The bears will have to get past this barrier to completely take control, and as a result – this area is absolutely vital to the overall health of the silver markets.

The $33 level above is the top of the most recent consolidation area, and that is where we think the market will head towards now. However, it is somewhat in doubt as to whether or not the market can overcome the level as there are many reasons to think that there could be trouble moving forward for the silver market.