Silver Technical Precious Metals (2010-12-09)

By @ibtimes on

Morning Report

After yesterday's sharp decline, the ideal harmonic targets have been met at 38.2% and 61.8% of CD. Silver is moving towards the extended harmonic targets at 76.4% and maybe the full correction of CD; nonetheless,the positivity on Stochastic might carry the metal slightly higher before entering the bearishness again. The next target for the downside move is at 27.40 and then 26.40 as provided on the chart above, where the bearishness requires stability below 30.35 and preferably four-hour stability below 29.20.

The trading range for today is among the key support at 26.65 and the key resistance at 30.35.

The general trend over short term basis is to thedownsidetargeting 22.95 as far as areas of 29.80 remain intact with weekly closing.

Previous Report

Weekly ReportSupport28.6028.4528.1527.9027.40Resistance28.9529.2029.7529.9530.00RecommendationBased on the charts and explanations above, our opinion is selling silver around 29.05 targeting 27.40 and stop loss with daily four-hour closing above 30.00 might be appropriate

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