Markets

Silver Technical Precious Metals (2011-12-15)

Morning Report The metal declined sharply after breaching the awaited support level of the bearish formation we mentioned yesterday around 30.50 to acquire all our downside targets for yesterday. Now the metal's bearishness accelerated and there are no major technical barriers -prior to 96.00 major low- on the horizon. Accordingly we continue to expect bearishness today while steady trading below 30.55 is required for the near term bearish outlook to remain dominant The trading range for today is among the key support at 26.00 and key resistance now at 30.55. 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 28.00 27.50 27.10 26.40 26.00
Resistance 28.80 29.20 29.90 30.55 31.00
Recommendation Based on the charts and explanations above our opinion is, selling silver around 29.20 targeting 28.00 and 26.00 , stop loss with-four hour closing above 30.55 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.

Other Topics

Commodities