Silver Technical Precious Metals (2012-03-23)

By @ibtimes on

Morning Report

Silver breached the pivotal support at 31.75 and provided stability below it, which activates the suggested bearish intraday scenario. The negative impact of the bearish technical structure continues, especially after the clear breach of the mentioned support shown in pink. Our main targets are at 30.00, while consolidation below 31.75 is required for the negativity to prevail.

The trading range for today is among the key support at 30.00 and key resistance now at 32.35.

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

***New York Candlesticks***

Previous Report

Weekly ReportSupport31.2530.8530.3030.0029.75Resistance31.7532.0032.3532.8533.00RecommendationBased on the charts and explanations above, our opinion is selling silver around 31.75, and take profit in stages at 31.25, 30.70 and 30.00 and stop loss with 4-hour closing above 32.35 might be appropriate

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