Morning Report

After breaching the major support line, the path became clear for achieving additional bearishness but the current candlesticks formations, below the broken trend line are bullish and that may send silver towards the retesting levels. Actually, this retesting process will not change the bearish trend as far as trading remains below 29.90-30.35. We are waiting for more negativity since trading silver stabilized continuously below 29.80.

The trading range for today is among the key support at 28.05 and key resistance now at 31.00.

The general trend over the short term basis is to the upside targeting $ 32.55 per ounce as far as the weekly closing remains above 29.80 areas.

Previous Report

Weekly Report

Support29.2029.0529.0028.8528.60
Resistance29.6529.8530.0030.1530.35
RecommendationBased on the charts and explanations above our opinion is, selling silver around 29.85 targeting 28.05 and stop loss with a four hour closing above 30.35 might be appropriate.