Markets

Silver Technical Precious Metals (2011-08-30)

Morning Report Silver declined but is still trading above the critical support of 39.75 and also above the level of 39.10. Observing the chart above, we find silver is stable above 38.2% Fibonacci correction and also the ascending main support -shown in red-. Therefore, we expect the upside movement to return today, in case a breach of 39.10-38.90 wasn't seen. The trading range for today is among the key support at 38.35 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 39.75 39.10 38.80
Resistance 40.90 41.10 41.70 42.20 42.70
Recommendation Based on the charts and explanations above, we recommend buying silver around 40.10 and take profit in stages at (41.70 and 42.95) and stop loss with 4-hour closing below 39.10 might be appropriate.

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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