Silver Technical Precious Metals (2012-04-09)

  @ibtimes on April 09 2012 2:07 AM

Weekly Report

Silver is still stable below the main resistance of the downside movement and also below EMA 20, 50 and 100. Stochastic reached oversold areas, but RSI is still negative and below the 50-point level. All these factors together drive us to expect a downside movement this week, depending on stability below the resistance levels of 33.00 and 33.15.

The trading range for today is among the key support at 29.60 and key resistance now at 33.00.

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

***New York Candlesticks***

Previous Report

 

Support
31.75
31.25
30.85
30.30
29.90

 

Resistance
32.00
32.45
32.85
33.00
33.15

 

Recommendation
Based on the charts and explanations above, our opinion is selling silver around 32.00 and taking profit in stages at 31.25, 30.85 and 30.30 and stop loss with 4-hour closing above 33.00 might be appropriate

 

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