Fundamental analysis for precious metals silver - 2/4/2009

04 February 2009 @ 02:40 am EDT

The sideways range trading areas continues as shown on the chart but as we mentioned in yesterday's report, silver's price action will technically explode with breaching the 12.19 areas clearly; hence, our outlook is still to the downside today as far as 13.06 areas remains intact supported by overbought signals appearing on the stochastic and Gator alligator.

The trading range for today is among key support at 11.66 and key resistance now at 13.06.

The general trend is to the downside as far as 14.70 remains intact with targets at 9.85 and 8.50.

Support12.25 12.19 12.12 12.05 11.96
Resistance12.44 12.55 12.65 12.74 13.06

Recommendation

Sell silver with a four hour close below 12.19 with targets at 11.90 and stop loss with a four close above 12.37

For more forex information, go to www.ecpulse.com

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