Fundamental analysis for precious metals silver - 11/19/2008

19 November 2008 @ 03:21 am EDT

Not much change since yesterday except that we now see silver being overbought on the stochastic indicator where we don't expect trading to be above the key resistance for the descending channel at 9.83.

The upcoming trend is to the downside if trading remains below the mentioned level. The trading range for today is among the key support at 8.17 and the key resistance at 10.54.

The general trend is to the downside as far as 14.70 remains intact with targets at 8.05 and 7.60.

Support9.50 9.25 9.12 8.95 8.77
Resistance8.70 9.83 9.93 10.11 10.34

Recommendation

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