Silver Technical Precious Metals (2012-04-25)

The metal retested yesterday the level of 31.25, which represents the previously breached support of the sideway range. At the same time, silver is still above 61.8% Fibonacci correction at 30.40 as shown above. Consolidation between these levels drives us to remain neutral, especially with the conflict seen between the negativity of MACD and the positivity of RSI.

The trading range for today is among the key support at 28.85 and key resistance now at 32.10.

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
30.40
30.15
29.90
29.60
29.05

Resistance
30.85
31.00
31.25
31.60
31.80

Recommendation
Based on the charts and explanations above, we remain neutral awaiting more confirmations