Silver Technical Precious Metals (2011-02-07)

By @ibtimes on

Weekly Report

Silver moved to the upside clearly during the past period affected by the bullish AB=CD pattern and now stabilized above 76.4% correction of CD leg. Stability above the first extended target of the mentioned correction might lead the metal towards the top C and breaching this level at 29.80 will extend the bullishness towards 127% correction of CD. In short, trading above 28.95-45 supports the upside move for this week.

The trading range for this week is among the key support at 27.65 and the key resistance at 30.70.

The general trend over short term basis is to thedownside targeting 23.60 as far as areas of 30.80 remain intact with weekly closing.Support28.9528.6028.4528.1527.90Resistance29.4529.8530.0030.1530.35RecommendationBased on the charts and explanations above, our opinion is buying silver around 28.45 targeting 29.45 and stop loss with four-hour closing below 27.90 might be appropriate this week

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