February 23, 2012 9:35 AM SAST
Silver Technical Precious Metals (2012-02-23)
Silver Technical Precious Metals (2012-02-23)
Morning Report
>Silver moved slightly higher yet still trading below the resistance at 34.40 and 34.65 where those areas are the ceiling of the sideways range. Momentum indicators are negative and that might force the downside reversal today. Steady trading above 34.65 will be sufficient to negate our expectations.
The trading range for today is among the key support at 32.80 and key resistance now at 36.10.
The short-term trend is to the downside targeting 20.05 as far as areas of 38.00 remain intact with weekly closing.
*The chart above is based on NY time*
Previous Report
Weekly Report
| Support | 34.00 | 33.75 | 33.40 | 33.20 | 33.00 |
| Resistance | 34.40 | 34.65 | 35.10 | 35.70 | 36.10 |
| Recommendation | Based on the charts and explanations above our opinion is selling silver below 34.40 and take profit in stages at 33.75, 33.40 and 32.80 and stop loss with four-hour closing above 34.65 might be appropriate | ||||
EMAIL
PRINT
SHARE
For more forex information, go to www.ecpulse.com
People who viewed this also read
IBTimes
- The Nemenoff Report Bonds Lower, S&P's higher, Silver Lower
- Morning Silver Market Report
- Mysterious Ancient Gold & Silver Jewellery Hidden In Iron Age Vessel Discovered in Israel
- Cannes Film Festival 2012: Diane Kruger, Cheryl Cole and Jane Fonda Reveal Novelty in Fashion
- Cannes 2012 Red Carpet Day Six: Kelly Brook A Knockout In Silver
- Precious Metals Market Comments
- Kristen Wiig Leaving SNL: Are Andy Samberg & Jason Sudeikis Next To Go?
- Morning Silver Market Report
- Crude Oil, Gold Aim Higher as Risky Assets Mount Relief Rally
- Billboard Music Awards 2012 Best Dressed: Carrie Underwood, Carly Rae Jepsen And More [PHOTOS]
