Weekly Report 14/06 -18/ 06 / 2010
Silver is struggling around SMA 50 as seen on the provided daily chart, which offers the technical probability of forming a classical pattern, where the its right shoulder is still under preparation. Thereby, possible descending move could be witnessed during this week, initially targeting the suggested areas of the necklineat 17.60 zones. A break of 18.05 could accelerate this suggested scenario.
The trading range for this week is among the key support at 16.90 and key resistance now at 19.80.
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.
Previous ReportSupport18.2518.1518.0017.9018.80Resistance18.3518.4618.5518.6518.74RecommendationBased on the charts and explanations above our opinion is, selling silver around 18.35 targeting 17.60 and stop loss above 19.00 might be appropriate