Silver Technical Precious Metals (2011-05-17)

By @ibtimes on

Morning Report

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Trading stabilizes around very sensitive areas and we discussed before that 33.05 should hold to keep the suggested Elliott count valid. To recap, stability above the aforementioned level is a positive indication, while stability above 34.85 confirms this positivity. As far as the four hour closing is above 33.05 we may witness bullish direction today.

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 ReportSupport33.6033.2533.1033.0032.82Resistance34.0034.3534.8535.1035.65RecommendationBased on the charts and explanations above our opinion is, buying silver around 33.75 gradually targeting 34.85,35.50 and 36.90 , while the stop loss is a daily closing below 33.05 might be appropriate.

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