Silver Technical Precious Metals (2012-04-23)

The metal continues to trade narrowly between the resistance of 31.80 and the support at 31.25. The mentioned support level represents the bottom line of the sideway range, while the top of this range is at 33.15. Consolidation above 31.25 suggests an upside move this week, but a breach of this support and stability with 4-hour closing below it might trigger a downside movement, targeting 30.40 as a start.

The trading range for this week is among the key support at 29.60 and key resistance now at 33.65.

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

***New York Candlesticks***

Previous Report

Support
31.25
30.85
30.40
30.00
29.60

Resistance
31.85
32.00
32.45
32.85
33.00

Recommendation
Based on the charts and explanations above, our opinion is buying silver around 31.60 and taking profit in stages at 32.45 and 33.00 and stop loss with 4-hour closing below 31.25 might be appropriate