Silver Technical Precious Metals (2012-05-03) - International Business Times

Silver Technical Precious Metals (2012-05-03) - International Business Times


www.TheSilverPrice.info

May 3, 2012 2:07 AM EDT

Morning Report

Silver is biased to the downside affected by the continuous failure of settling above 31.25. Currently, silver is facing the support level of 30.40, which also represents 61.8% Fibonacci correction of the upside move that started at 26.14 and ended in areas around 37.50. Without breaching the mentioned level we cannot confirm the downside movement, but at the same time, without consolidation above 31.25 we cannot suggest an upside move. Therefore, we remain neutral again, awaiting further confirmations.

>The trading range for today is among the key support at 28.85 and key resistance now at 32.10.

The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.

***New York Candlesticks***

Previous Report

Weekly Report

Support	30.40	30.10	29.90	29.60	29.05
Resistance	30.85	31.00	31.25	31.60	31.80
Recommendation	Based on the charts and explanations above, we remain neutral awaiting more confirmations