Silver Technical Precious Metals (2010-06-09)

Silver is moving within a tight range but it succeeded in stabilizing above SMA50-colored in red- as seen on the provided daily chart. Therefore, we see chances for achieving additional bullish actions over intraday basis, targeting the extreme objective of the previous discussed AB=CD pattern at 19.15

The trading range for today is among the key support at 17.60 and key resistance now at 18.90.

The general trend over the short term basis is to the upside, targeting $ 21.50 per ounce as far as areas of 16.20 remain intact.

Weekly Report Previous ReportSupport18.2518.1518.0518.0017.90Resistance18.3518.4618.5518.6518.74RecommendationBased on the charts and explanations above our opinion is, buying silver around 18.25 levels targeting 18.75 and stop loss below 17.85 might be appropriate.