Silver Forecast December 31, 2012, Technical Analysis

The silver markets continued to do very little on Friday as we hover around the $30.00 level. This was the site of a gap back in late August, and should offer support going forward. However, we are very low liquidity type of environment being the end of the year, and as a result we can only read so much into the price action.

We do know that we have a longer-term upside bias in this marketplace, so we will buy supportive candles if they appear. Whether or not it will be today is a completely different question, as we expect the markets to be very, very quiet before New Year’s Eve.