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Markets

Silver Technical Precious Metals (2011-08-19)

Morning Report Our previous expectations are almost achieved, where silver reached the potential reversal zone of the bearish Butterfly harmonic pattern. Areas of 41.30-10 represents the potential reversal zone (PRZ)or point ( D ), which drives us to stay neutral today, observing the pair's behavior near this critical level. A breach of 41.30 suggests forming another harmonic pattern (Bat pattern), this is another reason behind our neutrality today. We recommend checking the link below for more analysis regarding the new harmonic pattern. 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 40.40 40.10 39.75 39.50 39.10
Resistance 41.10 41.30 41.85 42.05 42.50
Recommendation Based on the charts and explanations above, we recommend observing silver, awaiting more confirmations.

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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