Morning Report

The bearish direction continued and we see now several attempts to breach the minor support of 28.75; a break of which will bring additional negative movements. Note that RSI is inside oversold areas but Stochastic is still negative. Meanwhile, trading remains below the previous broken trend line confirms the bearish classical overview.

The trading range for today is among the key support at 27.80 and key resistance now at 30.00.

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.

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Eye On Silver

Support28.7528.6028.4528.0527.80
Resistance29.0529.2029.6529.8530.00
RecommendationBased on the charts and explanations above our opinion is, selling silver around 29.00 targeting 27.80 and stop loss with a four hour closing above 29.35 might be appropriate.