Silver Technical Precious Metals (2012-04-24)

By @ibtimes on

Morning Report

Silver breached the level of 31.25, which negated our positive expectations, and then the metal moved towards 61.8% Fibonacci correction at 30.40. After reaching the mentioned correction, silver rebounded to the upside, while the level of 30.40 was able to stop the bearishness, which might be sufficient to trigger another bullish attempt. Therefore, we remain neutral now, observing silver in areas between 30.40 and 31.25.

The trading range for today is among the key support at 28.85 and key resistance now at 31.25.

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

***New York Candlesticks***

Previous Report

Weekly ReportSupport30.4029.9029.6029.0528.85Resistance30.8531.0031.2531.6031.80RecommendationBased on the charts and explanations above, we remain neutral awaiting more confirmations

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