Silver Technical Precious Metals (2011-07-22)

By @ibtimes on

Morning Report

The negative pressures continue, while RSI is presently breaching the value of 50.00 downwards. Areas between 40.40 and 40.20 have proved its solidity. Henceforth, there are chances for resuming the bearishness over intraday basis after retesting the 38.2% Fibonacci retracement level at 39.75 seen on the provided graph. Additionally, we may witness a retest of 50% Fibonacci at 37.05. Areas of 40.40, preferably 39.75 should hold to keep our expectations valid

The trading range for today is among the key support at37.05 and key resistance now at 41.20.

The general trend over the short term basis is to the downsidetargeting26.65 per ounce as far as areas of48.50 remain intact with weekly closing.

Previous Report

Weekly ReportSupport38.9038.2537.9537.4537.05Resistance39.3039.7540.2040.4040.90RecommendationBased on the charts and explanations above our opinion is selling silver around 39.75 and take profit in stages at 38.90, 37.95, and stop loss with 4-hour closing above 40.40 might be appropriate

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