Silver Weekly Technical Report 26-30/11/2012

Silver continues to move in our favor, the metal reached levels above 34.00 after completing the inverted head and shoulders pattern, and on the way towards the ideal target of the pattern at 35.00. By settling above 33.30 key resistance level and the 50-days SMA, the metal confirms the bullish continuation scenario, and hints further gains this week , while the 50-days SMA around 33.00 should limit any downside correction.

The trading range for this week is expected among the key support at 33.00 and key resistance at 35.50.

The short-term trend is to the upside with steady weekly closing above 26.00 targeting 50.00.

Support 34.00 33.65 33.25 32.75 32.50

Resistance 34.35 35.00 35.35 35.70 36.00

Recommendation Based on the charts and explanations above, we recommend buying silver above 33.50 targeting 34.30 and 35.30. Stop loss below 32.70