Silver Technical Precious Metals (2012-04-11)

The metal is trading narrowly within a sideway range between 31.25 and 33.15, but silver currently approaches the support level of the mentioned range as shown above. Consolidation above 31.25 might support the metal to provide more attempts to settle above 31.80 in order to rebound again, targeting the top of the sideway range. Therefore, consolidation above 31.25 drives us to expect an intraday upside move.

The trading range for today is among the key support at 30.40 and key resistance now at 33.15.

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

***New York Candlesticks***

Previous Report

Weekly Report

Support
31.25
31.00
30.85
30.40
29.90

Resistance
31.80
32.00
32.15
32.60
32.85

Recommendation
Based on the charts and explanations above, our opinion is buying silver around 31.50 and taking profit in stages at 32.15, 32.85 and 33.15 and stop loss with 4-hour closing below 31.00 might be appropriate