Silver Technical Precious Metals (2012-04-18)

The metal is attempting to stabilize above 31.80 which is a critical resistance facing silver ahead of testing the main resistance for the sideways wave. Steady trading above 31.25 with four-hour closing supports the expected intraday bullishness targeting 33.15; stability above 31.80 is required for our expectations to remain valid.

The trading range for today is among the key support at 30.85 and key resistance now at 33.15.

The short-term trend is to the downside targeting 20.05 as far as areas of 38.00 remain intact with weekly closing.

*The chart above is based on NY time*

Previous Report

Weekly Report

Support
31.60
31.25
31.00
30.85
30.30

Resistance
32.00
32.60
32.85
33.00
33.15

Recommendation
Based on the charts and explanations above our opinion is buying silver around 31.60 and take profit in stages at 32.85, 33.15, and 34.00 and stop loss with four-hour closing below 31.25 might be appropriate