Weekly Report 11 -15 / 01 / 2010
Silver succeeded in breaching the key resistance levels around 18.230, paving the path for additional upside actions. The harmonic formation declares that, it ison the way to form its CD legover short term basis. Technical target might extend towards testing the recorded high of December the 3rd at 19.40. Momentum indicators are able to force the metal to re-test the broken resistance areas-turned into support- around 18.30 before resuming the bullish scenario.
The trading range forthis week isamong the key support at 16.25 and key resistance now at 20.15.
The general trend is to the upside as far as 12.45 remains intact with targets at 20.15.
|Recommendation||Based on the charts and explanations above our opinion is, buying silver from 18.30 targeting 19.40 and stop loss below 17.60 might be appropriate.|