Silver Technical Precious Metals (2011-03-18)

By @ibtimes on

Morning Report

The metal inclined but it is still inside the bearish harmonic pattern that took the shape AB=CD pattern; while yesterday's closing was achieved below 23.6% of CD leg at 34.30 zones. To recap, we believe that the metal is gathering the required momentum to move lower once more and stability below 34.60 is a bearish indication and a breakout below 34.30 will confirm the negative trend.

The trading range for today is among the key support at 32.82 and key resistance now at 36.05.

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.

Morning Report

Weekly ReportSupport34.6034.3034.0033.7533.60Resistance34.8535.0035.3535.5035.65RecommendationBased on the charts and explanations above our opinion is, selling silver around 34.85 targeting 32.85 and stop loss with a four hour closing above 35.35 might be appropriate.

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