Daily Silver Technical Update(3/9/12)

Daily Technical Analysis for Silver:

Volatility shot up,after testing the mentioned support at 30.26 within just (approx.) 13 minutes silver rose by 3.1% testing the 31.26 area and then finally ending the rise in the 31.66-31.86 zone.Now silver must start its decline stair stepping lower,while any stability above 31.66-31.86 would open up the doors for new phase of gains targeting the 32.46-32.65-33.16 area.Initial Support resides at 30.65-30.26-29.80.

 
Happy Trading.