Silver Technical Precious Metals Morning Report - Sep 3

 @ibtimes
on September 03 2009 2:59 AM

Morning report

 

 

Silver also inclined sharply changed the harmonic [Bat] structure to a clear butterfly, which has a technical target around 14.55-14.62 (161.8% Fibonacci of (XA) leg). Therefore we keep our outlook to the downside on the intraday basis, supported by the overbought signs appearing on the momentum indicators as seen on the above four-hour chart.

The trading range for today is among the key support at 14.32 and key resistance now at 16.50.

The general trend is to the upside as far as 10.95 remains intact with targets at 16.85.

Support
15.36
15.30
15.22
15.16
15.00

Resistance
15.49
15.57
15.64
15.75
15.87

Recommendation
Based on the charts and explanations above our opinion is, selling silver from 15.55 targeting 14.95 and stop loss above 16.10 might be appropriate.

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