Silver Technical Precious Metals (2012-02-07)

By @ibtimes on

Morning Report

The metal failed in the first attempt to breach the ascending main support as shown above. But, RSI is still providing a negative crossover, which could be a sign that silver will provide more attempts to breach the mentioned level. Any trading below 34.65 supports our negative expectations, where the failure of settling above the top of (C) point and also above 113% Fibonacci of the CD leg of the harmonic structure supports our suggested negative scenario.

The trading range for today is among the key support at 30.25 and key resistance now at 35.70.

The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.

Previous Report

Weekly Report

Support33.4033.2033.0032.8032.45Resistance33.7534.2534.6535.1035.70RecommendationBased on the charts and explanations above, our opinion is selling silver below 33.75, and take profit in stages at (32.45 and 31.25) and stop loss above 34.65 might be appropriate

Join the Discussion