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Friday, June 29, 2012

Daily Update(29/6/12)

Today's Scenario:
The mentioned support was broken at 26.58 and lows were registered at 26.12.The trend still remains down but here at this juncture with the MACD and RSI diverging a bounce attempt cannot be ruled out which must end in the 27.23-27.58 region or even 27.92 in case of an extended bounce.Support lies at 26.03-25.62-25.08.

Thursday, June 28, 2012

Daily Update(28/6/12)

Today's Scenario:
Some unexpected volatility occurred yesterday as it did during the fed meeting.But the trend remains unchanged and its DOWN.There is a possibility of bounce attempts into the 27.77-28.05 range after which it must resume the downtrend while a hard drop below the 26.58 would negate such bounce attempts.With the Brussels meeting this weekend volatility could rise during the remaining trading days of this week and possibly even on next Monday.Remain cautious.Support lies at 26.50-26.03  and finally 25.60-25.03.
Have a great trading day ahead.

Wednesday, June 27, 2012

Daily Update(27/6/12)

Today's Scenario:
The trend still remains DOWN.Resistance could be seen at 27.65-27.90 if that is breached we could test 28.30-28.50 this is very less likely but its a possibility.Support at 26.58-26.03 zone and then finally 25.60.25.08.
Have a great trading day ahead.

Tuesday, June 26, 2012

Daily Update(26/6/12)

Today's Scenario:
The market bounced nicely in to the 27.50-27.70 zone.It must turn down lower and test 26.87-26.50 zone.While a breach of 27.70 would result in prices testing the 28.35-28.85 zone.
Bottom Line-The trend remains down.
Have a great trading day ahead.

Monday, June 25, 2012

Weekly Update(25/6/12)


Weekly Scenario:
The so called non decisive price action resolved to the downside as anticipated by breaking the long term trend line(green dashed) shown on the weekly chart.Silver considered as a great hedge against inflation continued lower as what we are facing right now could be or is deflation,silver and gold both would have a tough time sticking on to their SAFE HAVEN label.We could soon reach the 24.26-21.76 zone with the coming weeks ahead.Resistance at 28.50-29.00 zone.
Have an amazing trading week ahead.

Daily Update(25/6/12)

Today's Scenario:
The short term trend and the medium term trend is DOWN. A bounce could be seen today into the 27.26-27.56-27.80 region,however this bounce would be fully retraced.Minor support at 26.26-25.90 region.Major support at 25.14-25.58.
Have a great trading day ahead.

Friday, June 22, 2012

Daily Update(22/6/12)

Today's Scenario:
The market continued lower satisfying our expectations.In my view it must continue lower and target the 26.00-25.67 levels.Resistance at 27.26-27.58-27.82.Have a great trading day ahead.

Thursday, June 21, 2012

Daily Update(21/06/12)

Today's Scenario:
As mentioned in the earlier update the TREND remains DOWN.With the coming weeks ahead the downside could accelerate.Support at 27.25-26.76.Resistance comes in at 28.45-28.85.On a close above 29.76-29.94 the upside could gain the advantage,though this is a very low probable outcome.
Have a great trading day ahead.

Wednesday, June 20, 2012

Daily Update(20/6/12)

Today's Scenario:
Market turned down to the lower end of the range and i think this must continue.$29.00-29.50 area is to be watched.Support at 28-27.50 Resistance at 29.06-29.26-29.76.On a strong close above 29.94 this short term downtrend will be neutralized.Remain cautious there is big news( with the FED deciding if they would go for another round of easing(QE3/Operation Twist) coming up today it would be better to remain on the sidelines.Best is to remain patient and wait for the market to find a direction.Have a great trading day ahead.

Daily Update(20/6/12)

Today's Scenario:
Market turned down to the lower end of the range and i think this must continue.$29.00-29.50 area is to be watched.Support at 28-27.50 Resistance at 29.06-29.26-29.76.On a strong close above 29.94 this short term downtrend will be neutralised.Have a great trading day ahead.

Tuesday, June 19, 2012

Daily Update(19/6/12)

Today's Scenario:
Market still appears to be range bound between the 29.06-28.33 range.With the Greek elections on Sunday an overnight spike was seen at 29.07 on the upside and 28.36 on the downside(18/6/12 10 pm GMT).Today great volatality could be seen with the FED deciding if they would go for another round of easing(QE3/Operation Twist).Remain cautious.Support at 27.74-27.26.Resistance at 29.36-29.76.

Have a great trading day ahead.

Weekly Update(18/6/12-23/6/12)

Weekly Scenario.
Looking at the weekly chart one can easily figure out the sideways non decisive price action.Another leg down cannot be ruled out which would target the $21-23 zone.Look the the price behavior near the long term trend line ,this shows how important the trend line is.$31.50 should not be breached,on a breach of which we would next target the $33 zone.Overall the bottom line is the trend is still down until $33 is breached in terms of a weekly close.Support at 27.24-36.04.Resistance at 30.76-31.26.
Have a great trading week ahead.

Friday, June 15, 2012

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Have a great day ahead.

Daily Update Silver(15/6/12)

Today's Scenario:
Market packed in a range between 29.06-28.30 with a downside bias.This corrective price movement has a great chance of ending near the 29.30-29.50 area.Support at 27.70-27.50 .Resistance at 29.94-30.26.A rise above 29.94 would turn the trend neutral to bullish .Have a great trading day ahead.

Thursday, June 14, 2012

Daily Update Silver(14/6/12)

Today's Scenario:
Nothing much has changed since yesterday.Market's packed in a range with a downside bias a move above would 29.94(previous recent swing high) would negate this forecast.This ongoing correction has a great chance of ending near the 29.35-29.50 area and again falling back to 27.50 area.Let's see how the action resolves.Support at 27.50 range.Resistance at 29.94-30.26.And we have a possible ascending triangle in our charts which would make a nice move on the upside(possibly) and end this upward bounce.

Wednesday, June 13, 2012

Daily Update Silver(13/6/12)

Today's Scenario:
Market's packed in a range with a downside bias a move above would 29.94(previous recent swing high) would negate this forecast.This ongoing correction has a great chance of ending near the 29.35-29.50 area and again falling back to 27.50 area.Let's see how the action resolves.Support at 27.50 range.Resistance at 29.94-30.26.
Have a great calm trading day ahead

Tuesday, June 12, 2012

Daily Update Silver(12/6/12)

Today's Scenario:

Market looking down .Resistance at 29-29.24.Support at  28.00-27.50.On a close above the 29.94 level the trend would turn neutral.
Have a great trading day ahead.

Sunday, June 10, 2012

Weekly view Silver(10/6/12)

Weekly View:
The past 4 weeks were completely range bound.On a strong weekly close above the 29.50.30.20 area we would next target the 32 region.A close below 27 would bring prices lower than the 26 dollar area to 21-23 long term support zone.
The chart below (circled area) shows how range bound the price action was right at the important trend lines.
Medium term trend is down on a close above the 33.50 area would turn bullish and possibly bottom the correction which began from the 49 region.

Have a great trading week ahead.

Friday, June 8, 2012

Silver(8/6/12)


Today's scenario:
Bears came back strong yesterday breaking the mentioned critical support at 28.71.Market is looking neutral today,would turn bullish on the short term on a strong close above 29.20.Support at 27.66-27.20.A break of the support would call for prices below 26.
Have a great trading day ahead

Thursday, June 7, 2012

Silver(7/6/12)

Today's scenario.
Market has a bullish bias today.Support at 29.15-28.71.A break of the support levels would negate the bullish view.Resistance at 29.89-30.45-30.89.
Have a great trading day ahead.