Silver Technical Precious Metals (2009-10-23)

By @ibtimes on

Morning report

The four-hour AB=CD bearish harmonic formation has been able to create an obvious descending channel as seen on our provided chart while the momentum indicators have entered overbought zones, suggesting that the negative pressure is to continue over the intraday basis. We think that the metal will be able to gather the momentum it needs to move downwards after touching the upper line of the aforesaid channel around 17.75 zones.

The trading range for today is among the key support at 16.45 and key resistance now at 18.60.

The general trend is to the upside as far as 12.45 remains intact with targets at 19.40.Support17.6017.5217.4517.3517.28Resistance17.7517.8017.8917.9718.05RecommendationBased on the charts and explanations above our opinion is, selling silver from 17.75 targeting 17.15 and stop loss above 18.25 might be appropriate.

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