Once more, silver slipped violently achieving a daily closing below 32.45, where 23.6% of CD leg of the daily AB=CD pattern exists. An upside correction might be seen to gather the required momentum before reaching the first scientific technical objective of the harmonic structure at 31.25-38.2% Fibonacci of CD leg-. The bearishness will be in favor as far as 34.15-34.30 remain intact and we prefer stabilizing below 33.60-33.75.
The trading range for today is among the key support at30.85 and key resistance now at 34.80.
The general trend over short term basis is to thedownside targeting 29.40 as far as areas of 35.10 remain intact with weekly closing.
|Recommendation||Based on the charts and explanations above our opinion is, selling silver around 33.25 targeting 31.25 and stop loss with a four hour closing above 34.15 might be appropriate.|