Weekly Report 06/06 -10/ 06/ 2011

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When we look at the provided graph, we will see that the metal is trading below the support line which organized B wave of ZZ wave -colored in green-. Henceforth, we believe that C wave has started, while Stochastic is reflecting an overbought case. RSI couldn't stabilize above 50.00 levels and thus, the bearishness will be in favor during this week as far as trading continues below 38.90 with a daily closing.

The trading range for this week is among the key support at 32.20 and key resistance now at 38.90.

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

Support36.3535.5035.3534.8534.35
Resistance37.0037.3038.0538.5038.90
RecommendationBased on the charts and explanations above our opinion is, selling silver around 37.00 gradually targeting 35.35,34.85 and 33.90 , while the stop loss is a daily closing above 38.90 might be appropriate