Markets

Silver Technical Precious Metals (2011-08-11)

Morning Report Silver breached 38.80 and rebounded to the upside, butSMA 50 at 39.60 stopped this incline. Stochastic negatively crossed over, while the RSI failed to consolidate above the 50 points level, where all these signals are against the previous breach. Therefore, we will stay neutral today, awaiting more confirmations. 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 38.50 38.25 37.60 37.30 36.75
Resistance 39.20 39.75 40.10 40.40 40.90
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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