Markets

Silver Technical Precious Metals (2011-09-20)

Morning Report Yesterday, we expected an upside movement, but silver declined below 39.10-20. In fact, the metal didn't provide consolidation below these levels; nevertheless, it negated the possibility of forming a Gartley pattern, and now we expect the metal to complete the Bat pattern, however, further confirmations are needed to prove this pattern, awaiting the metal to return above 39.75 to confirm our suggested pattern. Therefore, we remain neutral today awaiting further confirmations. The trading range for today is among the key support at 37.45 and key resistance now at 41.55. 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 39.10 38.80 38.35 37.85 37.45
Resistance 39.70 40.10 40.40 40.90 41.10
Recommendation Based on the charts and explanations above, remain neutral today, 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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