May 20, 2012

SILVER Weekend update

  • Silver weekly chart is showing a weekly candle with long shadow. The support zone at 26 levels seems to have held for now. So an up move towards the falling resistance line of weekly chart is possible.
  • Daily chart is moving towards 20 Day SMA and 23.6% Fib level which needs to be crossed on closing basis by silver bulls to extend this up move.
  • Hour chart has to sustain above 20 and 50 SMA and the Ichimok cloud of one hour to sustain the up move. 

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