Silver Technical Precious Metals (2010-04-30)

Silver also is facing very sensitive resistance areas that represent 127% Fibonacci projection of BC leg at 18.50 as seen on the provided chart. We can't say that this is the confirmed point of pullback as there is still a chance for reaching the second PRZ of the harmonic pattern at 18.67 zones-161.8% Fibonacci of BC-. Therefore, the outlook will be neutral until the price behavior clarifies the coming move.

The trading range for today is among the key support at 18.05 and key resistance now at 18.90.

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.

Weekly Report Previous Report

Support18.4518.3518.2518.1518.05Resistance18.5518.6018.6718.7418.80RecommendationBased on the charts and explanations above our opinion is, avoid trading until a clear sign appears to pinpoint the coming big move.