Silver Technical Precious Metals (2009-09-18)

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Morning report

Silver also closed negatively below 17.35- the suggested [D1]- potential reversal zone of the bearish harmonic structure, offering the possibility for a downside bounce, which will be in favor over the intraday basis even if the metalinsisted to reachthe suggested [D2] over the short term basis. Indicators are in a definite need to be relieved, supporting our overview.

The trading range for today is among the key support at 16.25 and key resistance now at 18.50.

The general trend is to the upside as far as 10.95 remains intact with targets at 18.50.Support17.1817.1217.0516.9516.85Resistance17.3017.3517.4417.5217.60RecommendationBased on the charts and explanations above our opinion is, selling silver from 17.35 targeting 16.80 and stop loss above 17.85 might be appropriate.

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