Silver Technical Precious Metals (2010-01-22)

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Morning Report

Silver has reached yesterday's defined technical objective as seen on the provided chart. The daily closing-secondary image- encourages us to say that, the second target is underway at 17.10 followed by the full correctional level of Fibonacci for our detected Elliott cycle at 16.70 zones. AROON supports our negative outlook over intraday basis.

The trading range for today is among the key support at 16.75 and key resistance now at 18.15.

The general trend is to the upside as far as 12.45 remains intact with targets at 20.15.

Weekly Report Previous ReportSupport17.2517.2017.1216.9516.85Resistance17.4517.5417.6517.7217.77RecommendationBased on the charts and explanations above our opinion is, selling silver from 17.45 targeting 16.75 and stop loss above 18.05 might be appropriate.

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