Silver is trading around critical levels, where the 29.80 areas might take the metal to the downside again or continue the upside move. Stochastic is attempting to crossover positively and silver also failed to stabilize above the aforementioned since the breach. This level is the C top and with stability above it the metal will move towards 127% correction of CD from the AB=CD bullish pattern. Therefore, trading above 29.80 will keep the upside wave valid for this week.
The trading range for this week is among the key support at 28.60 and the key resistance at 30.72.
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 buying silver around 29.90 targeting 30.72 and stop loss with four-hour closing below 29.40 might be appropriate this week|