Morning Report

Silver is still struggling around the support line, which carried the movements from A point. The bearishness of the negative harmonic butterfly pattern is still in favor, while Stochastic shows oversold signs. In general, we still see chances for achieving additional descending actions over intraday basissince the metal failed to stabilize above 23.6% at 29.70 zones. A break of 28.60 will accelerate this scenario.

The trading range for today is among the key support at 27.85 and key resistance now at 30.00.

The general trend over the short term basis is to the downside targeting $ 22.95 per ounce as far as areas of 29.80 remain intact.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, selling silver around 29.20 targeting 27.40 and stop loss with a four hour closing above 29.95 might be appropriate.