Silver
2012-03-14 13:42:30
Silver
Morning Report
Silver is negatively biased, indicating that the metal is still forming the CD leg of the Butterfly harmonic pattern. But Stochastic attempts to provide a positive crossover, therefore a breach of 32.85 in necessary to negate the effect of this crossover. We expect silver to extend the downside movement, but a breach of the mentioned level is necessary.
The trading range for today is among the key support at 31.25 and key resistance now at 34.40.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
***New York Candlesticks***
Support | 33.15 | 33.00 | 32.80 | 32.45 | 32.10 |
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Resistance | 33.40 | 33.65 | 34.00 | 34.40 | 34.65 |
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Recommendation | Based on the charts and explanations above, our opinion is selling silver around 33.75, and take profit in stages at 32.80 and 31.75 and stop loss with 4-hour closing above 34.40 might be appropriate |
TIME | |||||
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Sydney | Tokyo | Ha Noi | HongKong | LonDon | NewYork |
Prices By NTGOLD | ||
---|---|---|
We Sell | We Buy | |
37.5g ABC Luong Bar | ||
6,382.50 | 5,892.50 | |
1oz ABC Bullion Cast Bar | ||
5,313.50 | 4,833.50 | |
100g ABC Bullion Bar | ||
17,004.50 | 15,509.50 | |
1kg ABC Bullion Silver | ||
1,790.80 | 1,415.80 |
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