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SILVER - Weekly Report
Short Term trend: Bearish
Weekly Bias: BearishFollowing the major breakout below 26.15, which appears clearly on the weekly chart, silver continued to move downwards during the previous period as seen on the provided weekly graph. Moving averages continued to cover bears as well after achieving a confirmed crossover in the last week of March 2012. We suggest further depreciation over upcoming sessions chiefly targeting 18.15 followed by 17.10. Note that, silver may enter a free-fall zone with a break below 14.50.
Silver Ichimoku Analysis
** Short term ( Less than three months)
** Chart is based on GMT+2 timingNotes:
*if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore.
Support 18.50 18.15 17.85 17.30 17.10
Resistance 19.00 19.35 19.80 20.15 20.35
Recommendation
Based on analysis and explanations above, we believe that selling gold below 19.20 targeting 17.10 and stop loss at 20.40 might be appropriate this week
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