Weekly Silver Technical Update(1/10/12-5/10/12)

Weekly Technical Analysis for Silver:

There was not much price action this week, a pullback is anticipated into the 33.26-33.76 zone provided 35.22 is not breached on a strong daily close. If it does we would next target the 37.50 area.

               The highlighted area denotes support for the medium term.The medium term has already turned neutral/neutral bullish.For continued upside price action 29-29.50 must hold.

Happy Trading.

Daily Silver Technical Update(1/10/12)

Daily Technical Analysis for Silver:

Price are moving in a sideways pattern since mid September between $35 and $34 zone.We were anticipating a pullback and it did occur in the 33.26-32.76 zone testing the higher end.But we still continue to hold this scenario and think that prices should continue to pullback,provided 35.22 is not breached.This sideways price action must continue for this week too because the previous move was too far too fast.Support for the pullback remains at the same zone 33.26-32.76 and then 32.46 probably.

Happy Trading.

Daily Silver Technical Update(24/9/12)

Daily Technical Analysis for Silver:

Silver did not close above 35.05.However, silver tested 35.20 and reversed back sharply lower making 35.20 as a strong resistance.A pullback should occur in a week or two testing the 33.80 zone initially and then 33.26-32.76 finally.A strong close above 35.20 would weaken the pullback scenario.Resistance at 34.80-34.95
Happy Trading.

Weekly Silver Technical Update(24/9/12-28/9/12)

Weekly Technical Analysis for Silver:

Pullback potential does exist and initial support for the pullback remains at 33.80 and then the 33.26-32.76 zone.Looking at the pattern of the fall we will conclude that if this pullback will have the potential to turn the short term as well as medium term trend to neutral. Any close above 35.20 would rescind this forecast.

Resistance remains at 34.80-34.95-35.20.
Happy Trading.

Daily Silver Technical Update(19/9/12)

Daily Technical Analysis for Silver:

Silver fell and rose back again making new highs at 35.05 a strong close above this would negate the pullback scenario.Initial Support for the pullback remains at 33.80 and then 33.26-32.76 zone.

Note: A strong bearish divergence is seen both in the MACD histogram(left chart) and rsi(right chart),this points to the fact that a fall must ensue sooner than later

Happy Trading.