Silver Technical Precious Metals (2011-08-17)

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Morning Report Silver is corresponding with the possible formation of the Butterfly harmonic pattern, where the metal is stable above the suggested ( B ) point of the Butterfly pattern, while consolidation above the suggested ( X ) point of the under formation pattern is required to confirm a possible retest of 41.10-30 primarily. Therefore, our positive expectations for silver remain valid over intraday basis. The trading range for today is among the key support at 37.35 and key resistance now at 41.30 The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact with weekly closing. Previous Report Weekly Report

Support 39.50 39.10 38.80 38.25 37.95
Resistance 40.10 40.40 40.90 41.10 41.30
Recommendation Based on the charts and explanations above, we recommend buying silver around 39.50 and take profit at 41.10 and stop loss with 4-hour closing below 38.25 might be appropriate today.



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: B , X

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