Silver Technical Precious Metals (2010-02-16)

The metal succeeded in achieving additional bullishness during the Asian session that helped it to breach SMA 50 and to stabilize above it. Henceforth, the captured harmonic structure is to continue forming the CD leg, targeting 15.90 zones, followed by 16.35 and therefore temporarily upside movements could be seen over intraday basis,without ignoring the probability of relieving momentum indicators.

The trading range for today is among the key support at 14.80 and key resistance now at 16.40.

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

Weekly ReportPrevious ReportSupport15.6515.5515.4515.3515.25Resistance15.7715.8515.9016.0516.25RecommendationBased on the charts and explanations above our opinion is, buying silver from 15.65 targeting 16.25 and stop loss below 15.20 might be appropriate.