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17.09.2012 03:03 PM
Silver Consolidates Just Below 35.00 Levels

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Technical Outlook and Chart Setups:

There is no change in the structure since last week after bulls took off 34.50 level comfortably. At the moment, prices seem to consolidate just below the 35.00 level with a dogi produced on Friday. We need a clear sell signal on the Daily Charts now before declaring that a reversal/retracement has begun towards 30.00 levels. On the other hand, a clear break of Friday's highs shall target 37.50 level in the upcoming weeks. Intermediary support comes around 32.50 level.

Trading Recommendations:

Flat for now. Preparing to re-enter shorts again.

 

Good Luck!

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