Silver Technical Precious Metals (2011-02-15)

By @ibtimes on

Morning Report

Silver is inclining, affected by the bullish harmonic AB=CD pattern, which we discussed earlier-click here to review this report-. Now, the metal is touching the extended technical targets of the pattern around 127% projection of CD leg. A stable move above 30.72 will bring additional bullishness towards (A) point around 31.22, followed by 161.8% of CD leg at 31.91 but the overbought signs of Stochastic argue us to stay asidesince we need more confirmation for achieving additional upside movements towards the extended targets. A four hour closing above 30.72 is needed to send the metal towards the aforementioned levels.

The trading range for today is among the key support at 28.95 and key resistance now at 31.91.

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 ReportSupport30.3530.0029.8029.6029.46Resistance30.7230.8531.0031.2031.91RecommendationBased 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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