Weekly Report 03/10 -07/ 10/ 2011

Silver returned to trade above 23.6% Fibonacci correction as shown above at 30.30. The area between the current levels and 29.05 proved their strength, while positivity is seen on the relative strength index and Stochastic is reflecting an obvious negative case. The upside movement is possible today, but we remain neutral in our weekly report, awaiting further confirmations regarding the pair's behavior around these levels.

The trading range for this week is among the key support at 26.65 and key resistance now at 33.65

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

Previous Report

 
Support29.5529.0528.8528.1527.15
 
Resistance30.6530.8531.0531.8532.95
 
RecommendationBased on the charts and explanations above, we remain neutral today, awaiting more confirmations