Weekly Report 25 -29 / 01 / 2010

Silver has been capable of breaching the uptrend line-colored in green- as seen on the provided daily chart. Coming below SMA 50 and SMA 100 indicates that, the bearish harmonic AB=CD pattern is to affect the metal negatively, supported by momentum and trend indicators' bearish signs. Technical targets reside at 15.90 followed by 15.10 zones.

The trading range for this week is among the key support at 15.10 and key resistance now at 19.45.

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

Previous Report

Support16.9016.7517.5316.3516.25
Resistance17.2517.4717.6517.7217.85
RecommendationBased on the charts and explanations above our opinion is, selling silver from 17.25 targeting 15.95 and stop loss above 18.10 might be appropriate.