Markets

Silver Technical Precious Metals (2011-08-25)

Morning Report Silver declined sharply yesterday after breaching 41.70, which negated our intraday positive expectations, while the metal declined for the third consecutive day after approaching the suggested first target mentioned in our weekly report at 44.35. The bearishness seen today forced the metal to trade among critical levels, where silver is currently around the top of ( B ) point of the suggested Bat pattern, while silver is gradually approaching the ascending harmonic support of the proposed AB=CD pattern. The critical levels among 38.90-35 should determine the short-term trend.Therefore, we will stay neutral today, observing the metal's behavior around these critical levels. The trading range for today is among the key support at 36.35 and key resistance now at 42.20 The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact Previous Report Weekly Report

Support 39.50 39.10 38.90 38.35 37.95
Resistance 41.10 40.40 40.90 41.10 41.70
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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