Silver reached a critical point
February 24, 2012 | 08:36 AM
Posted by Jack River
GBP/USD
The British Pound is trading between the support level 1.565 on the bottom and the resistance line 1.588 on top. In the absence of trigger of breaking, it seems that in the short term trading between these levels will continue.
Resistance & Support (daily)
|
S3
|
S2
|
S1
|
Pivot Point
|
R1
|
R2
|
R3
|
|
1.5635
|
1.565
|
1.568
|
1.5720
|
1.5770
|
1.58
|
1.585
|
EUR/CAD
The pair broke yesterday its resistance line 1.3250 and based the price above it. That rise marks the trend which is now-days upward. That joins the general trend of the EUR that recently rising against other major currencies as well.
Resistance & Support (daily)
|
S3
|
S2
|
S1
|
Pivot Point
|
R1
|
R2
|
R3
|
|
1.5635
|
1.565
|
1.568
|
1.5720
|
1.5770
|
1.58
|
1.585
|
SILVER
Yesterday Silver rose significantly 3.5%, and by that - the precious metal reached a precise resistance level. The negative trend line, and the resistance horizontal line, could have been too tough to be broken. However, the intensity of the last movement raises the concern that maybe this time the Buyers are determined to break it.
Resistance & Support (daily)
|
S3
|
S2
|
S1
|
Pivot Point
|
R1
|
R2
|
R3
|
|
33.8
|
34.2
|
34.6
|
35
|
35.3
|
35.6
|
36.1
|