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Silver Technical Precious Metals (2011-12-09)

Morning Report Silver reversed to the downside affected by the stability below the level of 32.95 mentioned before. The rising wedge pattern (bearish technical pattern) is still effective and could force the downside movement to extend further. Stochastic is negative, while the relative strength index is also trading below the 50-point level. The trading range for today is among the key support at 29.55 and key resistance now at 33.75. 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 31.60 31.25 30.95 30.50 30.30
Resistance 32.10 32.60 32.95 33.05 33.50
Recommendation Based on the charts and explanations above, our opinion is selling silver around 32.10, and take profit in stages at (31.25 and 29.55) and stop loss with 4-hour closing above 33.05 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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