Silver Weekly Technical Report 19-23/11/2012

The price continued to trade within a sideways consolidation market after breaking the rising wedge pattern, hinting the breakout was just due to the ranging conditions. On the other hand, the potential inverted head and shoulders pattern is still valid, as the ongoing consolidation structure could be the right shoulder of the pattern. However, a confirmation is needed through breaking above the upward slopping neckline of the formation as shown on chart.

The trading range for this week is expected among the key support at 31.50 and key resistance at 34.30.

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

Support 32.05 31.60 31.20 30.65 30.00

Resistance 32.75 33.25 33.65 34.00 34.35

Recommendation Based on the charts and explanations above, we recommend staying aside awaiting further confirmation