Silver Technical Precious Metals (2011-07-07)

By @ibtimes on

Morning Report

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Silver is presently hovering around the PRZ of the suggested Bat pattern and momentum indicators shows that the pattern has been completed. Stability below 36.35 suggests a bearish direction over intraday basis. Conversely, if we witnessed a four hour closing above 36.75 the second scenario of CRAB with D2 will be our scenario.

The trading range for today is among the key support at 33.90 and key resistance now at 37.85.

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 ReportSupport35.9035.2035.0034.7034.35Resistance36.3536.7537.0037.4537.85RecommendationBased on the charts and explanations above our opinion is, selling silver around 36.15 gradually targeting 35.20 and 34.50, while the stop loss is a four hour closing above 36.75 might be appropriate.

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