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Silver
2012-04-19 13:33:05

Morning Report

silver19

The support level of 31.25 is still an obstacle stopping the bearish attempts, where consolidation above this level supports the metal to settle above 31.80. Stability above this level again might trigger an upside move to retest the top of the sideways range. Consolidation above the mentioned support level is critical for the positivity to prevail.

The trading range for today is among the key support at 30.40 and key resistance now at 33.15.

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 31.25 31.00 30.85 30.40 29.90
Resistance 31.60 31.80 32.00 32.60 33.00
Recommendation Based on the charts and explanations above, our opinion is buying silver around 31.80 and taking profit in stages at 32.85, 33.15 and 34.00 and stop loss with 4-hour closing below 31.25 might be appropriate

 



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