As seen above, we silver might be forming a new harmonic AB=CD patter as provided in the black count above. The Potential Reversal Zone (PRZ) for the pattern reside with the extended downside targets for the bearish Butterfly pattern which was completed at 31.22, and accordingly the bearish potential is stronger. Therefore, we expect silver to move to the downside today affected by the harmonic pattern, which requires stability below 29.85-29.95.
The trading range for today is among the key support at 27.55 and the key resistance 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.
|Recommendation||Based on the charts and explanations above, our opinion is selling silver around 29.05 targeting 27.55 and stop loss with four-hour closing above 29.95 might be appropriate|