Weekly Report 05/04 -09 / 04 / 2010

Silver also has respected our Friday's scenario and started to show positive actions. These bullish movements are based on our suggested internal count of Elliott waves, which shows that the IM wave hasn't been completed yet. Therefore, this week we are waiting for potential bullishness.Technical targets reside at 18.50 followed by 18.90.

The trading range for this week is among the key support at 15.60 and key resistance now at 19.40.

The general trend over the short term basis is to the downside, targeting $ 13.60 per ounce as far as areas of 19.40 remain intact.

Previous Report

Support17.9017.8517.7217.6517.50
Resistance18.0518.2518.3018.4518.50
RecommendationBased on the charts and explanations above our opinion is, buying silver from 17.85 targeting 18.50 and stop loss below 17.30 might be appropriate.