Weekly Report 01-05 / 03 / 2010

Silver fluctuated movements occured during the previous week between 15.60 and 16.60 zones, where it was obvious that this fluctuation represents the retesting action for the broken trend line as seen on the provided chart of the weekly interval. Thus; chart. Thus, the bearish classical overview of the suggested double is still in favor and potential bearishness could be seen during this week.

The trading range for this week is among the key support at 13.90 and key resistance now at 17.85.

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

Previous Report

Support16.4016.3016.0015.7015.35
Resistance16.6516.8516.9317.0517.35
RecommendationBased on the charts and explanations above our opinion is, selling silver from 16.60 targeting 14.80 and stop loss above 17.65 might be appropriate.