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Silver
2012-01-17 17:25:46

Silver



Morning Report

 

silver17

Silver inclines gradually and Stochastic is positive after it failed to breach the 50-points level, while RSI is also positive and trading above the 50-point level. The bullish Bat harmonic pattern is still valid, which could supportthe upside move to continue towards the second target of the pattern at 30.80 as shown above. A breach of the mentioned level could extend the bullish targets towards 32.10.

The trading range for today is among the key support at 28.10 and key resistance now at 32.75.

The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.

**New York Candlesticks**

Previous Report

Weekly Report



Support 29.90 29.60 29.05 28.85 28.10
Resistance 30.55 30.85 31.00 31.30 31.60
Recommendation Based on the charts and explanations above, our opinion is buying silver above 29.90, and take profit in stages at (30.85 and 32.10) and stop loss with 4-hour closing below 28.85 might be appropriate

 



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