By Nicholas Larkin March 15 (Bloomberg) -- Silver is struggling to exceed a trading band of $17.48 to $17.63 an ounce, according to technical analysis by Barclays Capital. The attached chart shows resistance levels drawn from a head and shoulders neckline and a 61.8 percent retracement of the metal’s decline from December to February. The second chart shows support at $16.46 drawn from the rally since early February. Silver “continues to struggle against the confluence of resistance between $17.48 and $17.63,” Barclays analysts including Jordan Kotick wrote in a report. Prices may climb toward the Dec. 3 high of $19.46 if the resistance levels are breached, otherwise the “focus” will remain on a month-long trend line at $16.46, the analysts said. Silver is little changed this year after advancing 48 percent in 2009. The metal, which climbed to a 16-month high on Dec. 3, traded at $17.005 at 10:51 a.m. in London. In technical analysis, investors and analysts study charts of trading patterns and prices to predict changes in a security, commodity, currency or index. Fibonacci analysis is based on the theory that prices rise or fall by certain percentages after reaching a high or low. To contact the reporter on this story: Nicholas Larkin in London at nlarkin1@bloomberg.net.

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