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Silver Forecast

The silver markets initially fell during the course of the session on Thursday, testing the $18 level for support. Now that we have tested it and bounce, the market looks very bullish as we have formed a hammer. The hammer directly contradicts the shooting star from the previous session, which tells us that even though we ran into a bit of resistance during the Wednesday session, the market most certainly has plenty of bullish pressure underneath, as the summer markets continue to grind upwards. With that being the case, we have no interest whatsoever in selling, although we recognize that the market is a little bit overbought at this point in time.

FXEMPIRE

Silver Chart

 

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