Silver Technical Precious Metals (2011-07-14)

By @ibtimes on

Morning Report

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Our yesterday's predications were achieved flawlessly since the four hour closing above 36.75 has taken the metal towards 38.25 zones. Now, we are facing two harmonic probabilities of AB=CD pattern. The PRZ of the first pattern reside at 38.25; while the second reside at 39.00-39.10 zones. Momentum indicators reflect overbought case supporting the first probability. Note that, a four hour closing above 39.10 will bring another aggressive upside wave and our bearish expectationsarebased on witnessing acorrection due to the aforesaid technical factors until the price behaviors prove the opposite.

The trading range for today is among the key support at 34.35 and key resistance now at 38.00.

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 ReportSupport37.6037.4537.1036.7536.35Resistance38.2538.9039.1039.7540.20RecommendationBased on the charts and explanations above our opinion is, selling silver around 38.10 gradually targeting 37.60,37.10 and 36.75 , while the stop loss is a four hour closing above 39.10 might be appropriate.

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