Silver Bounces from 36.40; 37.20 is Key Resistance Pivot


Simple Moving Average( SMA ) 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.

Fibonacci Study
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and resistance

Multiple Time-frame Analysis

Weekly Silver Update - A Correction Swing Targets 36.40-36.50 (3/25)

Silver (XAG/USD)
Silver 3/28/2011 1H Chart
Short to Medium Term
- Silver reached the 36.41 , as anticipated Friday. The 1H chart shows the market bouncing with a strong attempt suggested by the strong 1H candle before the current candle was spooked at 37.00 . Although we anticipated the support level correctly, it does not necessarily mean the market will rally from here.
- We need to see the market break above the 37.20 pivot to consider the bullish continuation. A break below 36.40 targets a lower pivot at 35.60 .
- a break above 37.20 can switch the anticipation towards the bullish attempt.
- The 4H chart shows the bullish targets. 161.8% fibonacci extension (of the decline from 36.60 to 33.50 ) is at 38.70 . The daily chart shows that this is also a swing projection.
- The 200% extension, at 39.90 , is also near another swing projection to 39.85 . These are the bullish targets if a break above 37.20 can be confirmed. 1) a throwback that fails to break back below 37.20 . 2) 1H RSI break above 70. 3) 4H chart back above 60 (preferably also above 70).
- Also monitor the 38.00 high to provide some temporary resistance on the way to the bullish targets.

Silver 3/28/2011 4H and Daily Chart

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

This article appears in: Investing , Commodities

Referenced Stocks: SMA

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