Silver Weekly Technical Report 29/10-2/11/2012

 The metal has been locked in a consolidation pattern after being provided by some kind of support around 31.50 zones.  Stability below the previous broken confirmation line of the double top formation should bring additional depreciation. But, RSI 14 may cause fluctuation below 32.40 zones-broken support turned into resistance- before resuming the downside rally towards the main technical objective of our classical study around 30.90-30.70 boundaries.

The trading range for this weekl is expected among the key support at 30.00 and key resistance at 34.10.

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

Support    31.90    31.50    31.25    30.90    30.30
Resistance    32.40    33.00    33.50    33.80    34.10
Recommendation    Based on the charts and explanations above our opinion is, selling the metal around 32.40 targeting 30.90 and stop loss above 33.50 might be appropriate.