Silver Technical Precious Metals (2011-02-10)

By @ibtimes on

Morning Report

Silver is trading with a downside bias today, where those weak movements unloaded some of the negativity on Stochastic. Silver is still stable above the top C of the AB=CD pattern, which increases the likelihood of the upside move towards 127% correction of CD around 30.72; breaching the latter will trigger a strong upside move towards 31.90 shown above.

The trading range for today is among the key support at 28.95 and the key resistance at 31.90.

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.

Previous Report

Weekly ReportSupport30.0029.8029.6029.4529.05Resistance30.3530.7230.8531.0031.20RecommendationBased on the charts and explanations above, our opinion is buying silver around 30.00 targeting 31.90 and stop loss with four-hour closing below 29.46 might be appropriate

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