Silver Targets 54.80-55.00 with Breakout and Swing Projections



April 28, 2011 - Silver Targets 54.80-55.00 with Breakout and Swing Projections

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

Gold Looks for Fresh Highs as Silver Sits Tight (4/27)

Silver (XAG/USD)
Silver 4/28/2011
Short-term to Medium-Term
- Silver was held above 44.50 after a sharp spike to start the week. There was no follow through with this correction , and the market is showing a bullish wave development. We are likely to be completing wave v, so a correction can be expected, especially with the market testing the 49.50-50.00 resistance zone that previously provided a sharp rejection.
- A break above 50 has a couple of targets. Looking at the 4H, the market shows a positive reversal with the RSI, meaning the RSI low is lower, but price low remained higher. The 39.70 to 50 swing projected from the support pivot of 43.50 targets 54.80 .
- If we the equal force pushing the market down reverses to push the market above the current consolidation , the breakout target is 55.00 .
- This bullish scenario should be confirmed if the market remains above 47.25 (middle of the consolidation ), and breaks above 50, with the RSI in the 4H chart also breaking back above 70.
- A break below 46.15 suggests the market is ranging, to bearish in the short-term.

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Fan Yang CMT
Chief Technical Strategist


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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