Silver Forecast December 18, 2012, Technical Analysis

The silver markets did very little during the Monday session as we presently sit upon a decent sized support level. In fact, we gained just 0.11% for the day, and it suggests that we are trying to figure out which direction to go right now. A lot of this will be based upon the negotiations going on in the U.S. Congress regarding the debt issues, and as to whether or not going to print even more money going forward. Long-term, we are still very bullish of silver, but don’t see anything of the market right now that gets us excited about buying another futures contract. We do however know that this is a perfect area to see some type of supportive candle for a rally. The question of course is going to be whether or not traders feel like taking on risk at the end of the year.