Markets

Silver Technical Precious Metals (2011-07-01)

Morning Report Click on the image for a larger view Silver came back below SMA 50 and below the support of 34.70. Stochastic is negative, while MACD shows signs weakness clarifying that price explosion will start sooner. Thereby, we will be neutral for today until price stabilizes above or below SMA 50 within the descending channel since we need to witness signs for a new direction on MACD. The trading range for today is among the key support at 33.30 and key resistance now at 36.00. The general trend over short term basis is to the downside,targeting 26.65 as far as areas of 48.50 remain intact with weekly closing. Previous Report Weekly Report

Support 34.35 33.90 33.60 33.30 33.10
Resistance 34.70 35.00 35.65 36.00 36.15
Recommendation Based on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.

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


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

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