Silver Technical Precious Metals (2011-05-13)

By @ibtimes on

Morning Report

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The structure of the fifth wave is not clear but we see silver trading below 34.80 zones. There are worries about the fifth since it may be short after achieving the first and second technical targets of the bearish wave. Although there are technical try to move downwards once more but we prefer staying aside today until the structure of the fifth wave becomes clearer.

The trading range for today is among the key support at 30.25 and key resistance now at 38.50.

The general trend over short term basis is to the downside,targeting 26.65 as far as areas of 48.50 remain intact with weekly closing.

Previous Report

Weekly ReportSupport34.0033.7533.3033.0532.45Resistance34.8035.1035.6535.9036.80RecommendationBased 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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