Markets

Silver Technical Precious Metals (2011-08-18)

Morning Report Silver is inclining gradually and stable above point ( B ) of the suggested Butterfly harmonic structure. We expect the upside move to extend today in attempts to retest 41.10-30. But, the suggested structure is a bearish harmonic structure. Therefore, if the metal reached the mentioned level, it should be watched closely. The trading range for today is among the key support at 38.25 and key resistance now at 42.05 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 40.10 39.75 39.50 39.10 38.80
Resistance 40.40 40.90 41.10 41.30 41.85
Recommendation Based on the charts and explanations above, we recommend buying silver around 40.10 and take profit at 41.10 and stop loss with 4-hour closing below 39.40 might be appropriate today. But, we negate our expectations in case silver reached the target before achieving the entry point.

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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