Silver Technical Precious Metals (2011-03-10)

By @ibtimes on

Morning Report

Stabilizing above 35.90-36.00 areas makes us keep our bullish anticipations unchanged. Additionally, trading within the ascending channel is another positive indication for resuming the bullishness; whilst SMA 20 is carrying the movements. As we discussed in our weekly report, silver is trading above very sensitive levels and that might cause buying pressure based on our harmonic studies and we recommend reviewing the weekly report for more explanations.

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 ReportSupport36.0035.8535.6535.5035.10Resistance36.5036.9037.1537.5037.75RecommendationBased on the charts and explanations above our opinion is, buying silver around 35.85 targeting 37.15 and stop loss with a four hour closing below 35.00 might be appropriate.

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