Markets

Silver Technical Precious Metals (2011-08-10)

Morning Report Silver declined affected by SMA 20 and SMA 50, which are trading negatively, and also affected by the strength of 38.75, but 4-hour closing below 37.30 wasn't seen. The metal is trading within a gradually tightening range of a support at 36.80 and a resistance 38.75. Therefore, we will stay neutral again, observing the pair's behavior around 37.30 and 61.8% Fibonacci, which could support the metal to rebound to the upside. The trading range for today is among the key support at 35.30 and key resistance now at 40.40. 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 37.30 36.60 36.35 35.90 35.60
Resistance 38.25 38.50 38.80 39.20 39.75
Recommendation Based on the charts and explanations above, we recommend observing silver for more confirmations regarding the short-term 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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