Silver Technical Precious Metals (2010-12-30)

By @ibtimes on

Morning Report

Silver moved positively yesterdaybutit is still trading below the previous broken harmonic trend line until this moment. This uptrend line connects A,C points of the harmonic formation and their extensions. Meanwhile, the initial resistance around 30.80 might prevent it from achieving additional bullishness since momentum indicators are currently showing obvious overbought signs; therefore, the aforesaid negative factors makes us say thatthe neutralityis in favor over intraday basis as we are not sure if it can stabilize abovethis pivotal resistance or it will be able to force it to move downwards.

The trading range for today is among the key support at29.55 and key resistance now at 31.80.

The general trend over the short term basis is to the downside targeting $ 22.95 per ounce as far as far as we don't witness a weekly closing above 29.80 remain intact.

Previous Report

Weekly ReportSupport30.5030.2530.0029.8029.55Resistance30.8031.0031.2031.4531.85RecommendationBased on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.

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