Silver Technical Precious Metals (2012-02-08)

Morning Report

Silver provided several attempts to breach the upside move; however, the metal was unable to confirm the breach of this move as we can see silver returned to settle above 33.75, which negates our negative expectations yesterday. But, the metal didn't settle above 34.65 and 34.25. Momentum indicators are negative, which prevents us from expecting the extension of the upside move, but at the same time, the downside movement requires consolidation below 33.75-40. Therefore, we remain neutral today.

The trading range for today is among the key support at 32.45 and key resistance now at 36.10.

The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.

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