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Silver Technical Precious Metals (2011-12-02)

Morning Report The positivity seen yesterday was not able to push silver above 33.75, where we didn't witnessed any 4-hour closing above 33.40-50 and therefore our negative weekly expectations to remain valid, affected by the rising wedge pattern in addition to the Stochastic entering overbought areas. Stability below 32.10 should confirm the return of the negativity. The trading range today is among the key support at 30.30 and key resistance now at 34.60. The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact. **New York Candlesticks** Previous Report Weekly Report

Support 32.10 31.60 31.25 30.95 30.50
Resistance 33.05 33.50 33.75 34.25 34.60
Recommendation Based on the charts and explanations above, our opinion is selling silver around 32.95, and take profit in stages at (31.25 and30.30) and stop loss with 4-hour closing above 33.75 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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