Silver Forecast December 7, 2012, Technical Analysis

The silver markets went back and forth during the session on Thursday, but still remain roughly at the $33.00 level. Looking this chart, it does look like we have quite a bit of support all the way down to the $30.00 level, and see significant support areas at each handle below current prices. Because of this, we could see this area offer enough support to push this market higher, or the $32, $31, and the $30 could do it as well. With this in mind, we still are very bullish of the silver markets, although we’re not ready to start buying futures contracts quite yet. With the nonfarm payroll numbers coming out later today, the precious metals markets could be pushed around quite a bit depending on what type of announcement we have. With this in mind, if we get a supportive candle for the daily close, or get a break above the highs from the Thursday session on a daily close, we are willing to start buying silver again on Monday.