Silver Technical Precious Metals (2012-01-18)

 @ibtimes on January 18 2012 2:35 AM

Morning Report

As shown on the 4-hour interval, silver is still trading above the top of the suggested B point of the Deep Crab harmonic pattern, which suggests completing the formation of the CD leg. The suggested pattern should be completed in areas around 32.75, but we recommend paying attention to the level of 30.80 -mentioned in our previous reports-. Our positive expectations depend on consolidation above 29.60 with 4-hour closing, while a breach of 29.05 and consolidation below it is sufficient to negate the intraday upside move.

The trading range for today is among the key support at 28.10 and key resistance now at 32.75.

The short-term trend is to the downside with steady weekly closing below 48.50 targeting 26.65.

**New York Candlesticks**

Previous Report

Weekly Report

 

Support
29.90
29.60
29.05
28.85
28.10

 

Resistance
30.30
30.55
30.85
31.10
31.30

 

Recommendation
Based on the charts and explanations above, our opinion is buying silver above 29.90, and take profit in stages at (30.85 and 32.10) and stop loss with 4-hour closing below 28.85 might be appropriate

 

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