Morning Report

After every decline, silver comes above the support line but Stochastic is approaching the overbought areas. Henceforth, it is clear that the bearish harmonic effect is still pressuring the metal, suggesting that the negative scenario is still valid. We just need a confirmation with a breakout below 28.85.

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.

Previous Report

Weekly Report

Support29.0028.8528.6028.4528.05
Resistance29.2029.5529.7029.9530.00
RecommendationBased on the charts and explanations above our opinion is, selling silver with a breakout below 28.85 targeting 27.40 and stop loss with a four hour closing above 29.70 might be appropriate.