Silver Technical Precious Metals (2010-01-05)

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January 5, 2010 9:43 PM EST

Morning Report

Silver extended its gains yesterday in order to gather the momentum it needs to activate the bigger picture, which we discussed yesterday. It succeeded in forming a bearish harmonic AB=CD pattern, seen on the four-hour chart. Negative signs appear on AROON and RSI 9 support the anticipated negative direction for today.

The trading range for today is among the key support at 16.25 and key resistance now at 18.45.

The general trend is to the upside as far as 12.45 remains intact with targets at 20.15.

Weekly Report

Support17.4517.3517.2517.1817.05
Resistance17.6017.6517.7217.7717.85
RecommendationBased on the charts and explanations above our opinion is, selling silver from 17.60 targeting 17.05 and stop loss above 17.95 might be appropriate.
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