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Silver Technical Precious Metals (2011-08-26)

Midday Report Silver rebounded sharply to the upside after reaching 38.2% Fibonacciretracement and the ascending main support, however, the metal was unable to stabilize above 50% Fibonacci at 40.90. This bullish rebound suggests the validity of the harmonic structure indeed, but today we find high risk-to-return ratio; therefore, we will stay neutral in our morning report due to the failure of breaching 40.90 and the huge distance from the critical level of 38.90-35. The trading range for today is among the key support at 36.35 and key resistance now at 42.95 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 40.40 40.10 39.50 39.10 38.80
Resistance 40.90 41.10 41.70 42.05 42.70
Recommendation We will remain neutral, 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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