Silver couldn't stabilize above the pivotal resistance area of 30.80 as seen on the provided four hour chart since the overbought signs, discussed yesterday succeeded in sending it to the downside. Silver is still trapped below the previous broken harmonic trend line until this moment. This uptrend line connects A,C points of the harmonic formation and their extensions. At the same time, indicators started to trend upwards. This contradiction makes us hold onto our neutral outlook over intraday basis due to the sensitivity of the current trading levels.
The trading range for today is among the key support at 29.55 and key resistance now at 31.80.
The general trend over the short term basis is to the downside targeting $ 22.95 per ounce as far as far as we don't witness a weekly closing above 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.|