Target met at 17.70 for silver; despite it started to retrieve from there, the bullish scenario is still on and the risk limit now is at 17.16, which if breached will bring the metal back in a neutral territory till 16.35 again, but right now we are initiating a new target at 18.20 with a stop below 17.20.
The trading range is among the key support level at 16.70 and the key resistance level at 18.20
The general trend is to the upside as far as 13.20 remains intact, with targets at 22.00 and 25.00.
Support 17.35 17.20 17.11 16.98 16.92
Resistance 17.45 17.62 17.70 17.89 18.01
Recommendation
Buy Silver above 17.25 with a target at 18.00 and a stop loss below 17.15
For more forex information, go to www.crownforex.com
Friday, June 20, 2008
Fundamental analysis for precious metals silver
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