Morning Report

The previous discussed classical pattern assisted the metal to move downwards but until now it couldn't breach the awaited support around 29.40. The trading is trapped between this aforesaid support and the resistance of 29.75, whilst the top of the classical pattern meets 50% Fibonacci. Thus, potential downside move could be witnessed over intraday basis as far as the four hour closing remains below 29.85.

The trading range for today is among the key support at 28.05 and key resistance now at 30.85.

The general trend over short term basis is to thedownside targeting 23.60 as far as areas of 30.80 remain intact with weekly closing.

Previous Report

Weekly Report

 
Support29.4029.2029.0028.7528.60
 
Resistance29.7529.8530.0030.1530.35
 
RecommendationBased on the charts and explanations above our opinion is, selling silver around 29.75 targeting 28.05 and stop loss with a four hour closing above 30.15 might be appropriate.