Silver Technical Precious Metals (2011-09-09)

Morning Report Silver inclined yesterday, while the metal is currently trading around the critical levels of 42.20. We expect silver to resume the previous upside trend, reaching the level of 42.95 and stabilizing above it. This suggests that the positive move should bring the medium term harmonic outlook back, which is forming a harmonic structure, while stability above 40.90 supports the suggested upside movement. We should observe the pair's behavior between 43.25 and 44.20, where these levels represent the previously reversal potential zones and could specify the strength of the current upside move. The trading range for today is among the key support at 40.40 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

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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