Weekly Report
Silver is still stable in areas above 33.00-32.80, but the metal is also unable to settle above 34.25, which negated the upside move expected in our previous report. The metal returned now to trade negatively, but inside an ascending channel. The candlestick formation shown above is negative around the top of 34.40, which could trigger an attempt to breach the main support of the ascending channel. In case the metal breached the level of 33.00-20, we expect the downside movement to return significantly to retest areas around 32.45 and maybe around 31.25. RSI provides a negative crossover which supports our expectations.
The trading range for this week is among the key support at 30.20 and key resistance now at 35.70.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
Previous Report
| Support | 33.20 | 33.00 | 32.80 | 32.45 | 31.80 |
| Resistance | 33.75 | 34.25 | 34.60 | 35.05 | 35.65 |
| Recommendation | Based on the charts and explanations above, our opinion is selling silver below 33.75, and take profit in stages at (32.45 and 31.25) and stop loss above 34.65.00 might be appropriate | ||||
Like us on Facebook
Follow us on LinkedIn 
LinkedIn
- Also read: DAILY KITCOMMENTARY FOR: Dec. 23, 2010
- Also read: Gold -Daily Technical Forecast
- Also read: Silver - Daily Technical Forecast
Popular Multimedia
Phillip Phillips: Things You Need to Know, His Girlfriend and His Victory at the American Idol [PHOTOS & VIDEO]
Aishwarya Rai To Attend Cannes 2012 Amidst Baby Weight Gain Controversy [PHOTOS]
Top Ten Happiest Countries in the World in 2012 [SLIDESHOW]
World’s Largest Pool, The Crystal Lagoon Chile, Wows Guests At San Alfonso Del Mar Resort [PHOTOS]
