Silver soared yesterday breaching the range trading resistance around 29.55, but it is still trading below the previous broken harmonic trend line, which connects A,C points of the harmonic formation and their extensions. Meanwhile, the initial resistance around 30.75 might act as a ceiling due to its solidity. At the same time, momentum indicators are currently showing obvious overbought signs; therefore, the contrarian between yesterday's incline and the aforesaid negative factors makes us say that the neutrality is in favor over intraday basis.
The trading range for today is among the key support at 28.85 and key resistance now at 31.20.
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, staying aside until a clearer sign appears to pinpoint the upcoming big move.|