Silver Trend! 20-Oct-2011

Silver Trend! 20-10-2011
Technical:

R2=32.62

R1=31.87

PP=31.39

S1=30.64

S2=30.13

Silver is in selling pressure and it could continue to $30.800,$30.350 and $29.800. Buy silver above $31.500 next upside target will $31.900, $32.600 and $33.700.
Fundamental:
Silver prices fell 1%, as worries about whether Europe will achieve a cure for its debt crisis spooked investors. Every commodity is falling as market participants turn pessimistic over what is happening in Europe. Industrial and numismatic demand for silver fell almost 11 percent in 2009. Combined assets in ETPs rose 4.8 percent to 17,515 metric tons since mid-July, equal to almost nine months of mine production, the data show.

By

M.Zohaib Gadit
Forex Trading Consultant