Silver Technical Precious Metals (2011-04-15)

By @ibtimes on

Morning Report

The previous defined technical objectives of the bullish wave have been reached whereas the metal reached very critical levels around 42.05-42.30. When we look at the provided graph, we can see a bullish wave that took an IM impulsive shape, where we are witnessing the internal fifth wave of the bigger fifth wave. The internal structure isn't clear enough to make us make a decision since this IM may reach 43.10 areas. Henceforth, we will be neutral for the time being until a clearer sign appears to pinpoint the upcoming big move.

The trading range for today is among the key support at 40.20 and key resistance now at 44.63.

The general trend over short term basis is neutral until we see how the metal will behave around 42.05-42.30 zones.

Previous Report

Weekly ReportSupport42.0541.8041.5041.3540.95Resistance42.3042.6543.0043.2543.68RecommendationBased 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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