Silver Weekly Technical Report 4-8/3/2013

Silver printed a giant hammer-like candlestick pattern, with a major lower shadow, as price retreated after dipping below 28.25 support to end the trading session on Friday and the week above the support level. Accordingly, a continuation of the rebound is likely this week, but the recent low at 27.90 should remain intact for this scenario to continue valid.

** Overall trend ( More than one year)

** Intermediate ( More than three months)

** Short term ( Less than three months)

** Chart is based on GMT+2 timing

Notes: 

*if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore.