Silver Technical Precious Metals (2010-08-19)

Silver continued moving within its trading range areas, retracing from the upper line of the bearish channel. William % R indicator of the four hour interval still has downside targets to be relieved-secondary image-. Thus; we believe that there is chance for a bearish action to be activated over intraday basis. Note that,there are some bearish signs that started to appear on the technical indicators of the main daily chart.

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 upside, targeting $ 21.50 per ounce as far as areas of 16.20 remain intact.

Previous Report

Weekly ReportSupport18.2518.1518.0517.9517.90Resistance18.4618.5018.5518.6018.65RecommendationBased on the charts and explanations above our opinion is, selling silver with a break of 18.25 targeting 17.60 and stop loss above 18.75 might be appropriate.