From 34.23 levels, silver inclined once more signaling that the extended levels around of BC leg is to be touched sooner; although momentum indicators are showing overbought signs, but stability above 33.75-34.15 is a good sign that D 2 at 36.00 levels might be visited. We should observe the price behaviors carefully between 35.10 and 35.10 zones since a breakout above them is needed to push the metal upwards towards 200% of BC leg.
The trading range for today is among the key support at 33.60 and key resistance now at 36.00.
The general trend over short term basis is to thedownsidetargeting 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, buying silver around 34.30 targeting 36.00 and stop loss with a four hour closing below 34.00 might be appropriate.|