Silver rose yesterday and this morning driving Stochastic into overbought areas; the metal consolidates below the main resistance drawn above from A to C of the suggested AB=CD harmonic patter. Therefore,we expect the bearishness to control trading todayaffected by the bearish harmonic Butterfly Pattern which was completed at 31.22. We recommend reviewing our weekly report for more details on the aforesaid pattern.
The trading range for today is among the key support at 27.25 and the key resistance at 30.00.
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 with the breach of 28.75 targeting 26.90 and stop loss with four-hour closing above 29.60 might be appropriate|