Silver is still trapped within the recently established range areas, where it retested the suggested ceiling around 29.55 zones as seen on the provided four hour chart. Actually, this retest process took momentum indicators to the overbought areas, whilst the price is still stable below the previous broken uptrend line, which connects A,C points of the harmonic structure and their extensions. Henceforth, the bearish harmonic effect might continue over intraday basis. A break of the pivotal support areas around 29.05 will bring panic sell-off actions.
The trading range for today is among the key support at 28.60 and key resistance now at 30.50.
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.
|Recommendation||Based on the charts and explanations above our opinion is, selling around 29.60 targeting 28.60 and stop loss with a four hour closing above 30.25 might be appropriate.|