Markets

Silver Technical Precious Metals (2011-09-07)

Morning Report The bearish Bat harmonic structure succeeded and forced silver to approach the previously suggested second target, while today, the metal is still biased to the downside as we can see silver is stable below 38.2% Fibonacci correction of the CD leg at 42.20. Stability below the mentioned level is sufficient for the metal to test the second target at 41.45 and maybe the first extended target at 40.90. Stability above 42.60 weakens the negative outlook. The trading range for today is among the key support at 40.10 and key resistance now at 44.20 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 41.45 41.10 40.90 40.40 40.10
Resistance 42.60 43.00 43.20 43.55 44.20
Recommendation Based on the charts and explanations above, we recommend selling silver around 42.60 and take profit in stages at (41.50 and 40.90) and stop loss with 4-hour closing above 43.20 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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