Silver -Temporary Recovery Off Fibonacci Support
02 June 2011
WEEKLY CHART -CONTINUATION
The sharp drop back recently found support near the 38.2% level.
Failure here would confirm a medium term setback underway.
DAILY CHART -Jul-11:
Clear support on the Daily chart emerged from around the 32.00 76.4% pullback level, ahead of the 31.37 early Jan high. In the Commodity Specialist Guide we had said that a s/term recovery from here would not be a surprise.
Initial resistance has come from the 39.00 38.2% bounce level. It is unclear how strong the rebound can be, but also keep in mind higher potential resistance from the 44.64 26-Apr low.
A later break of 76.4% support would target the late Jan 26.45 low next.
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