Silver Technical Precious Metals (2012-05-01)

The metal failed yesterday to settle above 31.25 and then reversed to the downside, but the bearishness seen stopped in areas above 30.40, which indicates that the metal might provide another bullish attempt to settle above 31.25 and then breach the resistance level of the downside movement shown above in red. Stochastic is positive and supports the suggested incline.

The trading range for today is among the key support at 29.60 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
31.00
30.80
30.40
29.90
29.606

Resistance
31.25
31.40
3.60
31.80
32.10

Recommendation
Based on the charts and explanations above, our opinion is buying silver with a breach of 31.40 and taking profit in stages at 32.45, 32.85 and 33.15 and stop loss below 30.40 might be appropriate