Silver Technical Precious Metals (2011-08-31)

By @ibtimes on

Morning Report

Silver stabilized again above 50% Fibonaccilevel of the XA leg of the suggested Bat pattern. Stochastic is positive, while the Relative Strength Index (RSI) is stable above 50.00. Those signsencourage us to expect an upside move today, where consolidation above the ascending critical support, which is currently at the same point of 38.2% Fibonacci at 38.90-80. But, we prefer stability above 40.10 to support our intraday positivity better.

The trading range for today is among the key support at 38.80 and key resistance now at 42.95

The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.

Previous Report

Weekly ReportSupport40.9040.4040.1039.5039.10Resistance41.7042.2042.9543.2543.68RecommendationBased on the charts and explanations above, we recommend buying silver around 40.90 and take profit in stages at (41.70 and 42.95) and stop loss with 4-hour closing below 40.10 might be appropriate.

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