Silver Technical Precious Metals (2011-12-13)

Morning Report Silver is negatively biased, where yesterday the metal provided a daily-closing below the level of 31.20, which drives us to expect that the downside movement could extend further during the session today. This downside movement is supported by the rising wedge pattern -bearish technical pattern-, which is a continuation pattern located within the medium-term descending channel. Consolidation below 32.95 is required for expectations to remain valid, which stability below 32.10 supports our bearish expectations significantly. The trading range for today is among the key support at 29.55 and key resistance now at 33.05. 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

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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