Silver Technical Precious Metals (2011-03-09)

By @ibtimes on

Morning Report

Silver is still attempting to stabilize above 36.00 with a daily closing, which is the decisive level over upcoming period; ADX indicator started to show signs of uptrend weakness but SMA 20 and SMA 50 are moving within the ascending channel, and might assist the metal to return above 36.00 levels. We still note chances for achieving bullish trend over intraday basis, as far as 35.00-34.80 remains unbroken.

The trading range for today is among the key support at 33.75 and key resistance now at 37.15.

The general trend over short term basis is to theupside,targeting 39.05 as far as areas of 30.80 remain intact with weekly closing.

Previous Report

Weekly ReportSupport35.6535.5035.3035.1035.00Resistance36.0036.5036.9037.1537.95RecommendationBased on the charts and explanations above our opinion is, buying silver(cautiously) around 35.50 targeting 37.15 and stop loss with a four hour closing below 34.80 might be appropriate.

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