Silver Technical Precious Metals (2011-04-29)

By @ibtimes on

Morning Report

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Silver fluctuated aggressively yesterday after touching the awaited levels of 49.50 and then it declined again to stabilize around the same areas where we started yesterday's trading. Therefore, our bullish overview remains intact supported by the positive sign appearing on Stochastic. At the same time RSI failed to breach the value of 70.00 and thus, we may reach 50.20 zons. This scnario will be confirmed with the stability above 47.85 areas.

The trading range for today is among the key support at 44.85 and key resistance now at 52.10.

The general trend over short term basis is to theupside,targeting 50.20 as far as areas of 42.10 remain intact with weekly closing.

Previous Report

Weekly ReportSupport48.1047.7547.3046.8546.55Resistance48.4548.9049.1549.5050.00RecommendationBased on the charts and explanations above our opinion is, buying silver around 48.10 gradually targeting 49.50 and 50.25 , while the stop loss is a daily closing below 47.20 might be appropriate.

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